Portal and Polygon announce partnership to drive DeFi Bitcoin usage

By: Daniela Kirova
Daniela Kirova
Daniela was born in Bulgaria, grew up in Chicago, and then moved to Michigan to attend the University of… read more.
on Nov 17, 2021
  • Portal and Polygon have a commitment to their users to transfer their digital assets seamlessly
  • Polygon will run a facilitation node on Portal DEX to provide ongoing liquidity for atomic swaps
  • Polygon resolves issues like slow speeds and high gas fees without sacrificing security

Self-hosted wallet and Bitcoin-based (BTC/USD) cross-chain Layer-2 DEX Portal and Polygon (MATIC/USD), Ethereum’s (ETH/USD) Internet of Blockchains, announced a strategic partnership to drive Bitcoin usability in the DeFi ecosystem, Invezz learned from a press release.

Private, secure atomic swaps

Portal offers private, secure, and high-speed atomic exchanges between Bitcoin and other digital assets. Both Portal and Polygon have a commitment to their users to transfer their digital assets seamlessly across the DeFi ecosystem with the lowest possible fees.

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Polygon will run a facilitation node on Portal DEX to provide ongoing liquidity for atomic swaps between Bitcoin and POS-WBTC, WBTC, and other assets while Portal will facilitate WBTC/BTC and POS-WBTC to BTC exchanges on its DEX.

Portal executive chairman Dr. Chandra Duggirala commented:

Given that Portal is a DeFi layer on Bitcoin, we are excited to partner with Polygon to enable WBTC/BTC and POS-WBTC to BTC swaps. We believe that having liquid markets and enabling price discovery will appropriately price wrapped Bitcoin based on risk and enables increased usability for Bitcoin.

Portal technology simplifies media and communications

Portal’s Layer 2 and Layer 3 technology makes building censorship-resistant media, communications, and straightforward execution of cross-chain swaps on top of the Bitcoin blockchain as simple as possible.

It facilitates off-chain smart contract execution for swaps, asset issuance, liquidity, staking, and derivatives, all peer-to-peer. No third-party control or custody is involved.

Polygon is the go-to scaling solution for ETH

Polygon is what helped Ethereum become the ultimate, most fundamental settlement layer of the growing Web3 ecosystem most. It resolves issues like slow speeds and high gas fees without sacrificing security.

At its core lies Polygon SDK, a flexible, modular framework that supports development and connection of Secured Chains like zkRollups, Validium, Plasma, Optimistic Rollups and Standalone Chains like Polygon POS.

About Polygon

Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. It aggregates scalable solutions on Ethereum, and combines the best of Ethereum and sovereign blockchains into a full-fledged multi-chain system. Polygon’s scaling solutions have seen widespread adoption with 400+ Dapps, ~350M txns and ~1.5M+ unique users.

About Portal

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. 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.

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