Portal to Bitcoin, a Bitcoin Layer 2 protocol, completes $50 million new financing
Jinse Finance reported that the Bitcoin-first protocol Portal to Bitcoin has secured a new $50 million funding round led by Paloma Investments, bringing the project's total funding to $92 million. The funds will be used to support the expansion of the company's adapter, BitScaler. BitScaler enables scaling of native Bitcoin without the use of wrapped tokens, custodial bridges, or "messaging or other insecure alternatives." Portal plans to use the new funds to expand its grant program and attract institutional and community liquidity providers. Currently, the company is also piloting integrations with wallet and custody platforms to demonstrate non-custodial token swaps.
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