Polygon’s scaling solution supports over 400 decentralized applications for 1.5 million users.

Decentralized exchange (DEX) and self-storage wallet platform Portal has announced a strategic partnership agreement with second-tier blockchain network Polygon to improve the functionality of bitcoin in the decentralized finance or DeFi market.

The portal currently offers fully decentralized online spot and options trading, as well as peer-to-peer lending and borrowing. This partnership is expected to enhance these user experiences by providing zero-knowledge exchange functionality for wBTC/BTC as well as POS/WBTC for BTC, in addition to Polygon running a liquidity support node on the Portal DEX.

The main goal of the portal is to create a self-governing, anonymous and uncensored ecosystem for Bitcoin in DeFi. The platform’s use of time-locked hash contracts provides users with strong security for their transactions, while the layer 3 technology framework enables typical smart contract features such as staking and liquidity.

Portal Executive Chairman Dr. Chandra Duggirala commented on the opportunity to improve the usability of Bitcoin in the DeFi space.

“Given that Portal is a DeFi layer on top of Bitcoin, we are excited to partner with Polygon to enable the exchange of WBTC/BTC and POS WBTC to BTC. We believe that liquid markets and the ability to determine the price will properly price packaged bitcoin on a risk basis and improve the usability of bitcoin.”
Related: Bitcoin no longer wrapped? This DeFi platform provides native BTC lending to Ethereum.

At the end of September, Portal benefited from an $8.5 million capital raise involving a number of institutional leaders including Coinbase Ventures, Arrington XRP Capital, OKEx, as well as Ethereum, Dfinity and Galaxy Digital high-profile individuals, among others.

Portal founder George Burke shared a humorous post from the company’s monthly miton, a light-hearted contest that invites community members to take part in the popular social sport of meme-ing. The winner of the October contest can be seen here.

Source: CoinTelegraph