Portal partner with Polygon to advance DeFi on Bitcoin

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Decentralized Exchange, or DEX, and self-service wallet platform, Portal, have announced a strategic partnership agreement with Layer 2 blockchain network, Polygon, to advance Bitcoin functionality in the decentralized finance, or DeFi.

Portal currently offers fully decentralized spot and options trading on the chain, as well as peer-to-peer lending and borrowing. This partnership is expected to extend these user capabilities through enabling zero knowledge exchange features for wBTC / BTC as well as POS / WBTC to BTC, in addition to Polygon operating a liquidity support node on Portal DEX.

The main goal of the portal is to cultivate an autonomous, 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 its layer 3 technology, Fabric, enables the deployment of typical smart contract features such as staking and liquidity,

Portal Executive Chairman Dr Chandra Duggirala commented on the potential for improved use of Bitcoin in the DeFi space.

“Since Portal is a DeFi layer over Bitcoin, we are excited 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. “

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

At the end of September, Portal benefited from a fundraising of $ 8.5 million with the participation of a panoply of institutional powers, including, but not limited to, Coinbase Ventures, Arrington XRP Capital, OKEx, in more senior officials from Ethereum, Dfinity, and Galaxy Digital, among others. .

Portal founder George Burke shared a humorous entry from the company monthly Memathon, a lightweight contest that invites members of the community to engage in the popular social sport of memeing. The winner of the October contest can be seen here.