- Coinbase-backed DeFi startup Portal announces its equity offering via Republic.
- The public sale began on July 18 and is limited to about 1,900 investors.
- The Reg D equity offering via Republic comes as Portal prepares to launch its testnet in the coming weeks.
Bitcoin DeFi startup Portal announces its Reg D equity offering through the multi-asset investment platform, Republic. The public sale began on July 18.
This news follows Portal receiving investments from prominent companies like Coinbase (NASDAQ:COIN), ArringtonXRP, OKEx, and more. Additionally, the platform also received investments from some founders and senior executives of Ethereum, Tether, and Bitcoin.com.
Investors from around the world, including the residents and citizens of the US, will be able to participate in the sale and have the option to fund their purchases via fiat or in BTC, USDT, USDC, or ETH. The number of investors is limited to about 1,900.
The Reg D equity offering via Republic comes as Portal prepares to launch its testnet in the upcoming weeks. Republic states that their vetting process only approves 3% of startups to fundraise on the platform. The equity offering will enable the masses to invest in an ambitious project building DeFi on top of the Bitcoin blockchain.
Therefore, Portal is creating a censor-resistant DeFi ecosystem that makes trade uninterrupted with anonymous, zero-knowledge swaps through the trust-minimized cross-chain Layer-2 DEX. Further, it eliminates the need for minting wrapped coins (e.g., wBTC, wETH) or risky staking with intermediaries.
The peer-to-peer (P2P) atomic swap underpinning Portal provide decentralization, enabling users to trade native Layer-1 assets across different blockchains without delays, blocked funds, or exploits.
The Layer 2 and Layer 3 technology of Portal simplifies building censorship-resistant communications, media, and one-click execution of cross-chain swaps alongside expanding the cross-chain functionality of Bitcoin.
By making the ownership of Portal available to the public, the team aims to extend the accessibility of its operation and profits to the masses. Moreover, Portal extends Bitcoin’s capabilities to lay a more robust foundation for self-sovereign finance.
Eric Martindale, the CEO of Portal, expressed his opinion about the future of financial infrastructure, which he reckons will be built on Bitcoin. He added,
As Bitcoin’s metrics continue to achieve all-time highs, Portal is eager to bring on this new round of investors in pursuit of advancing Bitcoin-based infrastructure and the continued decentralization of traditional financial services.