Decentralized exchange (DEX) and self-custody wallet platform Portal has reportedly disclosed details regarding a freshly formed strategic alliance with layer-two blockchain network Polygon. 

Specifically, the newly established partnership will reportedly see both firms collaboratively enhance Bitcoin functionality in the DeFi market. 

At the moment, Portal reportedly has fully decentralized on-chain spot and options trading available, together with peer-to-peer lending and borrowing. 

This alliance has a target of widening the scope of these user capabilities, via rolling out facilitation for zero-knowledge swap functionalities, dedicated to wBTC/BTC and POS/WBTC to BTC, including Polygon running a liquidity-supporting node on Portal DEX.

Portal’s main goal is reportedly to invest its resources in fostering a self-governing, anonymous, and uncensored DeFi-based ecosystem for Bitcoin. 

The platform’s utilization of Bitcoin’s hash time-locked contracts will equip users with robust security in their transaction activities, while its layer-three technology, Fabric, supports the deployment of standard smart contract features, nominally staking, and liquidity. 

“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.” Executive chairman of Portal Dr. Chandra Duggirala shared remarks on the possibility for the improved usability of Bitcoin across the DeFi sphere. 

In September this year, Portal reportedly managed to secure $8.5 million via fundraising, where a variety of institutional giants took part in, nominally Coinbase Ventures, Arrington XRP Capital, OKEx, in addition to senior figures from Ethereum, Dfinity, and Galaxy Digital, among others.