Blockchain

Portal partners with Polygon to advance DeFi on Bitcoin

Polygon’s scaling solution hosts in excess of 400 decentralized applications across a 1.5 million user base.

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

Portal currently offers fully decentralized on-chain spot and options trading, as well as peer-to-peer lending and borrowing. This partnership is expected to expand these user capabilities through the enablement of zero-knowledge swap functionalities for wBTC/BTC as well as POS/WBTC to BTC, in addition to Polygon operating a liquidity-supporting node on Portal DEX.

Portal’s primary objective is to cultivate a self-governing, anonymous and uncensored ecosystem for Bitcoin on DeFi. The platform’s utilization of Bitcoin’s hash time-locked contracts grants users robust security in their transaction activities, while its layer-three technology, Fabric, enables the deployment of typical smart contract functionalities such as staking and liquidity, 

Executive chairman of Portal Dr. Chandra Duggirala commented on the potential for the enhanced usability of Bitcoin in the DeFi space.

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