Portal in partnership with Polygon to promote DeFi on Bitcoin

Decentralized Exchange (DEX) and the self-custody wallet platform Portal have announced a strategic partnership agreement with the Layer 2 blockchain network Polygon to improve the functionality of Bitcoin in the decentralized financial market (DeFi).

Portal currently offers fully decentralized spot and options trading as well as peer-to-peer loans and credits.

This partnership is intended to expand these user skills by supporting zero-knowledge swap functions for wBTC / BTC and POS / WBTC to BTC, and Polygon also operates a liquidity node on the DEX portal.

Port main goal is to develop a self-managed, anonymous and uncensored ecosystem for Bitcoin on DeFi. The platform’s use of Bitcoin’s hash time key contracts provides users with a high level of security in their trading activities, while the Layer 3 technology Cloth enables functions to be implemented.

 Dr. Chandra Duggirala commented on Bitcoin’s potential to improve usability in the DeFi space.

“Since Portal is a DeFi layer on Bitcoin, we are excited to be working with Polygon to enable WBTC / BTC and POS-WBTC-to-BTC swaps. We believe that a liquid market and the ability to determine prices will adequately value Bitcoin based on risk and increase the usability of Bitcoin. ”

Related: Stop Packing Bitcoin? This DeFi platform brings original BTC loans to Ethereum

At the end of September, Portal benefited from a $ 8.5 million financing round involving a spectrum of institutions including Coinbase Ventures, Arrington XRP Capital, OKEx, and high-profile figures from Ethereum, Dfinity, and Galaxy Electronic, among others.

 George Burke shared a humor post from the Companies’ Monthly Memathon, a lighthearted competition that invites community members to participate in the popular social sport of memeing. . The winners of the October competition can be seen here.