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Portal Partners With Polygon To Advance Bitcoin Functionality In DeFi Market

Portal, the decentralized exchange (DEX) and self-custody wallet platform, has partnered with Polygon to advance Bitcoin functionality in the decentralized finance (DeFi) market.

It has been reported that Portal currently offers fully decentralized on-chain spot and options trading, as well as peer-to-peer lending and borrowing. This partnership is expected to expand these user capabilities through the enablement of zero-knowledge swap functionalities for wBTC/BTC as well as POS/WBTC to BTC, in addition to Polygon operating a liquidity-supporting node on Portal DEX.

However, Portal's primary objective is to cultivate a self-governing, anonymous, and uncensored ecosystem for Bitcoin on DeFi. The platform's utilization of Bitcoin's hash time-locked contracts grants users robust security in their transaction activities, while its layer-three technology, Fabric, enables the deployment of typical smart contract functionalities such as staking and liquidity,

Dr. Chandra Duggirala, the Executive Chairman of Portal, said:

“Given that Portal is a DeFi layer on Bitcoin, we are excited to partner with Polygon to enable WBTC/BTC and POS-WBTC to BTC swaps. We believe that having liquid markets and enabling price discovery will appropriately price wrapped Bitcoin based on risk and enables increased usability for Bitcoin.”

The report said that in late September, Portal benefitted from an $8.5 million funding raise with participation by a panoply of institutional powerhouses, including, but not limited to Coinbase Ventures, Arrington XRP Capital, OKEx, in addition to senior figures from Ethereum, Dfinity, and Galaxy Digital, among others.

Thus, George Burke, the Founder of Portal, shared a humorous entry from the firm's monthly Memeathon, a light-hearted competition that invites community members to engage in the much-loved social sport of "meme-ing."

Source: Cointelegraph



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