Coinbase-backed Portal partners Mintlayer to drive Bitcoin-based DeFi

Portal, a self-hosted wallet backed by major crypto exchange Coinbase, has officially announced a new partnership with BTC sidechain protocol Mintlayer to help drive mass adoption of decentralised financial markets.

In an announcement on Thursday, Portal said the collaboration will help it launch its true cross-chain DEX functionality onto the Mintlayer network. 

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

This will see the Bitcoin network benefit from the increased development of projects in the decentralized finance (DeFi) ecosystem. 

Commenting on the partnership, Dr. Chandra Duggirala, the Executive Chairman at Portal 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.”

He added:

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.”

A boost to Bitcoin-based DeFi

Portal’s and Mintlayer’s collaboration marks a major milestone for the push to have DeFi on Bitcoin, opening up the BTC ecosystem to more liquidity and capital.

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.”

With these developments, Bitcoin can benefit from Portal’s cross-chain DEX via accessibility to token issuers and other decentralised finance projects, including within the Web3 ecosystem.