Portal partner with Polygon to advance DeFi on Bitcoin

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

Portal currently offers a fully decentralized online point and option business, as well as peer lending and borrowing. This partnership is expected to expand these user capabilities by enabling zero-knowledge exchange functions for wBTC / BTC as well as POS / WBTC to BTC, in addition to Polygon operating a liquidity support node on Portal DEX.

Portal’s main goal is to cultivate an autonomous, anonymous and uncensored ecosystem for Bitcoin on DeFi. The utilization of Bitcoin’s time-locked contracts platform gives users robust security in their transactional activities, while its layer-3 technology, Fabric enables the deployment of typical smart contract functions such as staking and liquidity,

Portal’s executive chairman, Dr Chandra Duggirala, commented on the potential for improved usability of Bitcoin in the DeFi space.

“Given that Portal is a DeFi layer on Bitcoin, we are pleased to partner with Polygon to enable WBTC / BTC and POS-WBTC to BTC exchanges. We believe that having liquid markets and enabling price discovery will properly price wrapped Bitcoin based on risk and enable increased usability for Bitcoin.

Related: Is Bitcoin no longer involved? This DeFi platform brings native BTC lending to Ethereum

In late September, Portal benefited from a $ 8.5 million fundraiser attended by a panoply of institutional powers, including, but not limited to Coinbase Ventures, Arrington XRP Capital, OKEx, as well as senior figures from Ethereum, Dfinity and Galaxy Digital, among others. .

Founder of Portal, George Burke shared a humorous entry from the company’s monthly Memathon, a gay contest that invites community members to engage in the much-loved social sport of meme. The winner of the October contest can be seen here.