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Portal and Polygon to expand DeFi on Bitcoin

Open Supports Polygon and MATIC
Open Supports Polygon and MATIC

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The decentralized finance sector is a hot topic in the crypto space, but Bitcoin has failed to find a strong footing in the sector. Portal and Polygon have announced a partnership to solve this limitation and bring Bitcoin functionality into the DeFi sector.

Portal is a decentralized exchange and self-custody wallet platform. It has announced a strategic partnership with Polygon, a layer-two blockchain network, to boost the functionality of Bitcoin in the DeFi sector.

Bitcoin on DeFi

The partnership between Portal and Polygon will boost the user capabilities for on-chain spot and options trading on the Portal DEX. It will allow users to access zero-knowledge swap functionalities for different trading pairs, including wBTC/BTC and POS/wBTC and BTC.

Moreover, the Polygon network will run a liquidity-supporting node through Portal DEX. Portal will use hash time-locked contracts on Bitcoin to offer users transaction security. It will also implement its Fabric layer-three technology to deploy smart contract functionality, including offering staking and liquidity.

The executive chair of Portal, Dr Chandra Duggirala, spoke on the potential of Bitcoin in the DeFi sector stating, “We believe that having liquid markets and enabling price discovery will appropriately price wrapped Bitcoin based on risk and enables increased usability for Bitcoin.”

About the Portal DEX

As mentioned, Portal is a DEX platform that offers access to self-custody wallet services. The platform recently raised $8.5 million in a funding round in late September. The amount raised during this funding round was contributed by a wide range of institutional investors in the crypto space, including OKEx, Coinbase Ventures and Arrington XRP Capital.

The DEX has also attracted other senior investors who are affiliated with Ethereum, Dfinity and Galaxy Digital. This shows that investors have faith in what the Portal platform can offer investors and its gains in the future.

The firm also recently unveiled the Memeathon competition. This competition involves light-hearted moments where community members are invited to participate in an initiative that allows them to be a part of the “meme-ing” community. The competition happens monthly, with the firm recently announcing the winner for the October competition.

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