Portal is partnering with Polygon to advance DeFi on Bitcoin

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Portal for Decentralized Exchanges (DEX) and Self-Custody Wallet Platform Portal has announced a strategic partnership with the Layer 2 blockchain network Polygon to improve Bitcoin functionality in the decentralized financial market or DeFi market.

Portal currently offers fully decentralized on-chain spot and options trading, as well as peer-to-peer loans and credits. This partnership is intended to expand these user functions by enabling zero knowledge swap functions for wBTC / BTC and POS / WBTC to BTC, in addition to the fact that Polygon operates a liquidity support node on portal DEX.

Portal’s main goal is to create a self-managed, anonymous and uncensored ecosystem for Bitcoin on DeFi. The platform’s use of Bitcoin’s hash-time-locked contracts provides users with robust security in their transaction activities, while the layer-three technology fabric enables the provision of typical smart contract functions such as staking and liquidity.

The executive chairman of Portal Dr. Chandra Duggirala commented on the potential for Bitcoin’s improved usability in the DeFi space.

“Since Portal is a DeFi layer on Bitcoin, we are excited to be working with Polygon to enable WBTC / BTC and POS WBTC-to-BTC swaps. We believe that liquid markets and enabling pricing will allow Bitcoin to be properly price locked based on risk and improve the usability of Bitcoin. “

Related: No More Packaged Bitcoins? This DeFi platform brings native BTC loans to Ethereum

In late September, Portal benefited from a $ 8.5 million funding increase involving a number of institutional leaders including Coinbase Ventures, Arrington XRP Capital, OKEx, as well as senior figures from Ethereum, Dfinity and Galaxy Digital Others.

Portal founder George Burke shared a humorous post from the company’s monthly Memeathon, a light-hearted competition that invites community members to participate in the popular social sport of meme-ing. The winner of the October competition can be seen here.