[PRESS RELEASE – San Francisco, United States, 17th November 2021]
Portal, a self-hosted wallet and true cross-chain Layer-2 DEX built on Bitcoin, announced a strategic partnership with Polygon, commonly referred to as Ethereum’s Internet of Blockchains, to give a new boost to Bitcoin’s usability in the ‘DeFi ecosystem.
Portal offers fast, private and secure atomic exchanges between Bitcoin and other digital assets. Polygon and Portal are committed to enabling users to move their digital assets seamlessly across the DeFi ecosystem with the lowest possible fees.
The portal will facilitate WBTC / BTC and POS-WBTC to BTC exchanges on its decentralized exchange. Polygon will run a facilitation node on Portal DEX to provide continuous liquidity for atomic exchanges between Bitcoin and POS-WBTC, WBTC and other assets.
Portal Executive Chairman Dr Chandra Duggirala commented, “Since Portal is a DeFi layer over Bitcoin, we are delighted to partner with Polygon to enable WBTC / BTC and POS-WBTC to BTC exchanges. We believe that having liquid markets and enabling price discovery will allow Bitcoin to be wrapped appropriately based on risk and improve the usability of Bitcoin. “
Polygon is the go-to scaling solution that has helped Ethereum become the definitive and foundational settlement layer of the growing Web3 ecosystem. It solves blockchain challenges like high gas costs and slow speeds without sacrificing security. The main component of Polygon is Polygon SDK, a modular and flexible framework that supports the creation and connection of secure chains such as Plasma, Optimistic Rollups, zkRollups, Validium, etc. and stand-alone chains such as Polygon POS, designed for flexibility and independence.
Portal’s Layer 2 and Layer 3 technologies simplify the creation of censorship-resistant communications, media, and one-click execution of cross-chain exchanges on top of the Bitcoin blockchain. It facilitates the private and off-chain execution of “smart contracts” for asset issuance, swaps, staking, liquidity, derivatives, etc., all between peers, without third party custody or control.
About the polygon
Polygon is the first well-structured and easy-to-use platform for scaling and developing Ethereum infrastructures. It bundles scalable solutions on Ethereum and combines the best of Ethereum and sovereign blockchains into a full-fledged multi-chain system. Polygon solves problems associated with blockchains, such as high gas costs and slow speeds, without sacrificing security. Polygon’s scaling solutions have been widely adopted with over 400 Dapps, around 350 million txns, and around 1.5 million unique users.
About the portal
The portal is DeFi built on Bitcoin. It makes trading unstoppable with anonymous and unconscious swaps via the first real cross-chain DEX whose trust is minimized. With Portal, DeFi becomes a service anyone can provide, maintaining anonymity in open and transparent markets with a security model as robust as Bitcoin mining.
Portal’s Layer 2 and Layer 3 technologies enable one-click censorship-resistant communications, media, and cross-chain exchange, all on Bitcoin.
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