Portal partner with Polygon to advance DeFi on Bitcoin

Decentralized exchange, or DEX, and self-custody wallet platform, Portal, has announced a strategic partnership agreement with layer-2 blockchain network, Polygon to advance Bitcoin functionality in the decentralized finance, or DeFi, market.

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

Portal’s principle objective is to cultivate a self-governing, anonymous and uncensored ecosystem for Bitcoin on DeFi. The platform’s utilization of Bitcoin’s hash time-locked contracts grants users robust security in their transaction activities, while its layer-3 technology, Fabric enables the deployment of typical smart contract functionalities such as staking and liquidity, 

Executive chairman of Portal, Dr Chandra Duggirala, commented on the potential for enhanced usability of Bitcoin in the DeFi space.

“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.”

Related: No more wrapped Bitcoin? This DeFi platform brings native BTC lending to Ethereum

In late September, Portal benefitted from an $8.5 million funding raise participated by a panoply of institutional powerhouses, including, but not limited to Coinbase Ventures, Arrington XRP Capital, OKEx, in addition to senior figures from Ethereum, Dfinity and Galaxy Digital, among others.

Founder of Portal, George Burke shared a humours entry from the firms monthly Memathon, a light-hearted competition which invites community members to engage in the much-loved social sport of memeing. The winner of the October competition can be seen here.