Portal to Bitcoin Secures $50 Million for Expansion

Portal to Bitcoin, led by CEO Chandra Duggirala, secured $50 million in funding from Paloma Investments to expand BitScaler, strengthening non-custodial Bitcoin transactions.

The investment underscores a significant move towards enhancing Bitcoin’s scaling and interoperability without custodial intermediaries, potentially influencing broader market liquidity and cross-chain activities.

Portal to Bitcoin Raises $50 Million for BitScaler Expansion

Portal to Bitcoin achieved a significant funding milestone with $50 million led by Paloma Investments. This brings its total funding to $92 million, with strong backing from investors like Coinbase Ventures. Chandra Duggirala aims to strengthen non-custodial scaling through BitScaler. BitScaler is designed to offer native Bitcoin scaling without wrapped tokens or insecure alternatives. The additional funding will expand the grant program to attract institutional and community liquidity providers.

Market Implications include a push for further decentralization in Bitcoin transactions. Portal’s innovations target the elimination of custodial risk and the reinforcement of cross-chain transactions through atomic swaps. The community is optimistic about leveraging atomic swap technology for secure transactions.

“Portal intends to solve the problem of custodial risk once and for all using secure and transparent Layer 2 atomic swap technology…” — Chandra Duggirala, CEO, Portal to Bitcoin

Bitcoin’s Growth Enriched by Institutional Investment Wave

Did you know? Despite various developments, similar advancements saw increased activity, Portal’s unique approach to non-custodial swaps sets a new industry standard.

Bitcoin (BTC) holds a substantial market cap of $2.25 trillion and a dominance of 57.67%. With its current price at $112,768.59, and an increase of 0.75% in the last 24 hours, Bitcoin remains the focal point in this protocol. Data: CoinMarketCap.

The Coincu research team anticipates new institutional dynamics, highlighting that funding will expand decentralized transactions. As this unfolds, historical concerns over custodial risks are addressed, positioning the company at the forefront of crypto evolution.