Coinbase-backed Portal partners with Mintlayer in a major push for Bitcoin-based DeFi
Early this week, the decentralized finance (DeFi) protocol Portal joined forces with the asset marketplace HighCircleX (HCX) to tokenize stocks of pre-initial public offering (IPO) companies. The aim of the collaboration is to democratize access and make investing in private equity easier for average investors to invest in promising tech companies. Now, Portal, a self-hosted wallet and true cross-chain Layer-2 DEX built on Bitcoin, just makes another splash.
In a Major Push for Bitcoin-based DeFi, Portal announced today it has joined forces with Mintlayer, a Bitcoin sidechain protocol that aims to bring decentralized financial markets to the masses. The new partnership will bring Portal’s uncensorable cross-chain DEX functionality to Mintlayer, giving new impetus to Bitcoin-based decentralized finance (DeFi).
The two companies said they are committed to enabling users to interact with the DeFi ecosystem in a private and secure environment with the lowest possible fees. Besides, the addition of sidechain assets issued on Mintlayer will increase the number of trading pairs available to Portal DEX users. The partnership will benefit Mintlayer by making its assets accessible to a larger user base through Portal’s DEX network.
In a statement, Portal’s Executive Chairman Dr. Chandra Duggirala said, “Portal DEX supports many layers of financial and non-financial applications on Bitcoin. It means that the Bitcoin protocol does not need to be upgraded to achieve any new functionality. This can increase Bitcoin adoption, its security budget, and its usability as the truly global monetary system. Supporting Mintlayer sidechain assets naturally fits into our ecosystem approach to bringing many layers to Bitcoin.”
The partnership also marks a major milestone in the growth of DeFi on the Bitcoin network. As more and more sidechains and blockchains become compatible with the Bitcoin network to access its liquidity, capital, and ecosystem, Portal will act as a gateway through which all the activity flows.
Founded in 2018 by CEO Chandra Duggirala, Eric Martindale, George Burke, Manoj Duggirala, and Travis Skweres, the San Francisco-based Portal Portal enables crypto investors to trade crypto anywhere without putting coins at risk, all from within a controllable wallet.
Mintlayer CEO Enrico Rubboli commented, “Mintlayer is a tokenization layer built on top of Bitcoin, enabling native swaps with BTC, including using the Lightning Network. Portal’s cross-chain DEX can help make multi-chain implementations more viable, allowing token issuers to take advantage of the unique capabilities of different protocols, including Bitcoin sidechains like Mintlayer, thereby plugging the entire web3 ecosystem to the most decentralized and valuable blockchain, and the world’s hardest money.”
Portal’s Layer 2 and Layer 3 technology enables building censorship-resistant communications, media and one-click cross-chain swaps, all on Bitcoin. It also makes trade unstoppable with anonymous, zero-knowledge swaps via the first true cross-chain DEX that’s trust-minimized. It eliminates minting wrapped coins (ie wBTC, wETH) or risky staking with intermediaries. With Portal, DeFi becomes a service that anyone can provide, maintaining anonymity within open, transparent markets with a security model as robust as Bitcoin mining.
Portal DEX is also the first censorship-resistant, Layer-2 cross-chain DEX that doesn’t use bridges or wrapping to transfer assets between different chains. It uses atomic swaps instead, which are much more secure. It is designed to bring liquidity to Bitcoin sidechain assets and layered applications. Having seamless cross-chain liquidity is the key to expanding utility and user base for any layered application built on Bitcoin.
Mintlayer is a Bitcoin sidechain that improves direct token interoperability enabling new ways to trade value, creating a system where new business models can flourish and participate in truly trustless finance. The protocol leverages technologically advanced scalability to enforce network security, increase node inclusivity, and ensure long-term sustainability. It aims to accelerate the future of Decentralized Finance (DeFi) and contribute to scaling financial markets globally.