Portal Raises $34M for Bitcoin-Focused DeFi Project Amid Development Delays

Despite the platform's DEX still being in testnet, CEO Chandra Duggirala expects it to be mainnet ready by Q2 following audits and testing.

Portal, a Bitcoin-focused DeFi project, has raised $34 million in seed funding, bringing its total funding to $42.5 million.
The funding will be used to develop Portal's decentralized exchange (DEX) and wallet, which aim to enable atomic swaps across different blockchains without intermediaries.
Despite the large funding, Portal's DEX is still in testnet after more than two years, causing frustration among some community members.
Portal's CEO, Chandra Duggirala, has stated that the platform is currently undergoing audits and expects to be mainnet ready by Q2.
Investors in the seed round included notable backers such as Coinbase Ventures, OKX Ventures, Gate.io, and Arrington Capital.