Coinbase-backed Portal announces equity offering on Republic
Portal, a Coinbase-backed crypto startup and cross-chain Layer-2 DEX network being built on Bitcoin, today announced its Reg D equity offering through Republic, a multi-asset investment platform that allows anyone to invest for as little as $10 in vetted, startups and private companies. The public sale began on Monday, July 18th.
With this offering, wider masses can now own a piece of an exciting project building a full-fledged DeFi ecosystem as layers on the Bitcoin blockchain.
The announcement comes just three months after Portal 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).
Portal is extending the capabilities of Bitcoin to lay a more robust foundation for self-sovereign finance. The team truly believes that the participants make the project, and want to ensure that those who support delivery of a truly decentralized financial network, including collaborators, users, and Republic investors alike, enjoy the growth of the company as much as the founders do. By making ownership of Portal available to the public, it is extending the accessibility of its operations (and profits) to the wider masses.
According to Republic, their vetting process only approves 3% of startups to fundraise on the platform. The equity offering will allow the general public to invest in an ambitious project building DeFi on top of the Bitcoin blockchain.
Founded in 2018 by CEO Eric Martindale, Chandra Duggirala, 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.
Portal CEO Eric Martindale said, “The signal remains strong in the storm — Bitcoin remains the most likely candidate upon which the future of financial infrastructure will be built. As Bitcoin’s metrics continue to achieve all-time highs, Portal is eager to bring on this new round of investors in pursuit of advancing Bitcoin-based infrastructure and the continued decentralization of traditional financial services.”
The Reg D equity offering via Republic’s platform comes as Portal prepares to launch its testnet in the coming weeks. It is building a full-fledged, censorship-resistant DeFi ecosystem on top of the Bitcoin network.
Though Bitcoin is often seen just as digital money, Portal is leveraging the Bitcoin network as the rails for building many layers of censorship-resistant financial applications on top of it. Every geopolitical event over the last year has reinforced the need for a censorship-resistant global financial system.
The peer-to-peer atomic swaps underpinning Portal provide true decentralization, enabling users to trade native Layer-1 assets across different blockchains without delays, blocked funds, or exploits.
Portal’s Layer 2 and Layer 3 technology not only expands the cross-chain functionality of Bitcoin, but also simplifies building censorship-resistant communications, media and one-click execution of cross-chain swaps on top of the Bitcoin blockchain. It facilitates the private, off-chain execution of “smart contracts” for asset issuance, swaps, staking, liquidity, derivatives, and more, all peer-to-peer, without third-party custody or control.
Investors from around the world, including the residents and citizens of the United States, will be able to participate in the sale. They’ll have the option to fund their purchases via fiat or in BTC, USDT, USDC or ETH.
The number of investors is limited to about 1,900. Portal expects the Reg D offering to sell out very fast.
Portal is DeFi built on Bitcoin. It makes trade unstoppable with anonymous, zero-knowledge swaps via the first true cross-chain DEX that’s trust-minimized. It eliminates the need for 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. To date, Portal had earlier raised $8.5 million from Coinbase and other big-name investors.
Portal’s Layer 2 and Layer 3 technology enables building censorship-resistant communications, media and one-click cross-chain swaps, all on Bitcoin.