In Brief:
- Portal locking up with Polygon to improve decentralized finance (DeFi) for Bitcoin.
- This partnership intends to empower users’ capabilities through zero-knowledge swap functionalities for wBTC/BTC as well as POS/WBTC to BTC.
- The aim behind this partnership is to cultivate a self-governing, anonymous, and uncensored ecosystem for Bitcoin.
Decentralized exchange and crypto wallet, Portal announced its strategic partnership with layer 2 blockchain network Polygon to enhance Bitcoin functionality in decentralized finance (DeFi).
At present, Portal is offering different services on the decentralized networks such as on-chain spot and options trading and P2P (Peer-to-peer) services. This partnership intends to empower users’ capabilities through zero-knowledge swap functionalities for wBTC/BTC as well as POS/WBTC to BTC.
The purpose behind this approach is to remove a self-governing, anonymous, and uncensored ecosystem for Bitcoin on DeFi. The function hash time-locked contracts ensure security during transaction activities. Also, its layer-3 technology, Fabric, allows the deployment of smart contracts such as staking and liquidity.
Executive chairman of Portal Dr. Chandra Duggirala stated that “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.”
In September, Portal raised $8.5 million in a fundraising round, which was attended by a panoply of institutional powerhouses, Coinbase Ventures, Arrington XRP Capital, OKEx, Ethereum, Dfinity, and Galaxy Digital.
