Bitcoin-based DEX Portal raises $34 million in seed funding
Summary
Portal, a startup building a Bitcoin BTC -1.10% -based cross-chain decentralized exchange and wallet, has raised $34 million in a seed funding round. Investors in the round included Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate.io, Portal said Tuesday.The seed round was structured as a combination of a simple agreement for future equity (SAFE) and convertible notes, all of which have been fully converted into equity, Portal co-founder and CEO Chandra Duggirala told The Block in an interview. Portal wallet, a "fully non-custodial" tool, integrates the DEX and allows users to send, receive, and store cryptocurrencies across blockchains. "The current cross-chain swap tools, such as wrapped tokens and bridges, are risky as they have lost billions of dollars in hacks and involve some type of custody risk, Duggirala said, adding that Portal doesnt custody user funds at all, either through one signature or multiple signatures.Portal products are currently in the testnet form, and "mainnet readiness is quite feasible by March," Duggirala said.With fresh funding in place, Portal plans to launch its products on the mainnet and grow its ecosystem. Duggirala declined to comment on the current headcount of the firm but said the team has doubled in the last year, and Portal is continuing to hire.In the coming months, Portal also plans to launch an AI-powered investment application that will help users leverage the AI technology to make "intelligent" investing decisions, Duggirala said.Disclaimer: The Block is an independent media outlet that delivers news, research, and data.