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Portal partner with Polygon to advance DeFi on Bitcoin

A partnership between the two will help promote crypto asset trading, liquidity and adoption.

Portal is partnering with Polygon to advance their decentralized finance on Bitcoin. This partnership will allow the two companies to share resources and bring more awareness of DeFi. Read more in detail here: portal defi.


Portal, a decentralized exchange and self-custody wallet platform, has announced a strategic collaboration deal with Polygon, a layer-2 blockchain network, to expand Bitcoin functionality in the DeFi market.

Portal presently provides on-chain spot and options trading, as well as peer-to-peer lending and borrowing. In addition to Polygon hosting a liquidity-supporting node on Portal DEX, this agreement is intended to improve these users’ capabilities by enabling zero-knowledge swap operations for wBTC/BTC and POS/WBTC to BTC.

Portal’s main goal is to create a self-governing, anonymous, and uncensored Bitcoin environment over DeFi. The platform’s usage of Bitcoin’s hash time-locked contracts ensures that users’ transactions are secure, while Fabric, the platform’s layer-3 technology, allows the implementation of common smart contract capabilities like staking and liquidity. 

Dr. Chandra Duggirala, the executive chairman of Portal, remarked on the possibility for increased Bitcoin use in the DeFi market.

“We’re pleased to join with Polygon to allow WBTC/BTC and POS-WBTC to BTC trades, given that Portal is a DeFi layer over Bitcoin.” We think that having liquid markets and facilitating price discovery would allow Bitcoin to be fairly priced based on risk and will boost its utility.”

Is it true that Bitcoin is no longer wrapped? Ethereum now has native BTC lending thanks to this DeFi platform.

Portal received a $8.5 million fundraising round in late September from a slew of institutional heavyweights, including Coinbase Ventures, Arrington XRP Capital, OKEx, as well as top executives from Ethereum, Dfinity, and Galaxy Digital, among others.

George Burke, the founder of Portal, presented a humorous submission from the company’s monthly Memathon, a lighthearted tournament that enables community members to participate in the popular social sport of memeing. The October competition winner may be seen here.

Portal’s #PortalMemeathon submission:

October 29, 2021 — George Burke (@geoburke)

The “coinbase integrate polygon” is a partnership between the two companies. The goal of this partnership is to advance decentralization on Bitcoin.

Related Tags

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