Coinbase-Backed Portal Collabs With Bitcoin Sidechain Mintlayer
2022.04.29 08:11
Coinbase-Backed Portal Collabs With Bitcoin Sidechain Mintlayer
- Portal officially announced its collaboration with Mintlayer.
- The collaboration is expected to bring Portal’s uncensorable cross-chain DEX functionality to Mintlayer.
- Both CEOs of Mintlayer and Portal are excited about this venture.
Today, the popular Coinbase-backed DeFi platform Portal officially announced its collaboration with the famed Bitcoin sidechain Mintlayer. Portal is a self-hosted wallet and true cross-chain Layer-2 DEX built on Bitcoin, and Mintlayer is a Bitcoin sidechain protocol that aims to bring decentralized financial markets to the masses.
This partnership is expected to bring Portal’s uncensorable cross-chain DEX functionality to Mintlayer, giving new impetus to Bitcoin-based decentralized finance (DeFi).
Moreover, the addition of sidechain assets issued on Mintlayer will likely increase the number of trading pairs available to Portal DEX users. Additionally, the partnership is expected to benefit Mintlayer by making its assets accessible to a larger user base through Portal’s DEX network.
Portal’s Executive Chairman Dr. Chandra Duggirala says:
Portal DEX supports many layers of financial and non-financial applications on Bitcoin. It means that the Bitcoin protocol does not need to be upgraded to achieve any new functionality. This can increase Bitcoin adoption, its security budget, and its usability as the truly global monetary system. Supporting Mintlayer sidechain assets naturally fits into our ecosystem approach to bringing many layers to Bitcoin.
The CEO of Mintlayer, Enrico Rubboli states that Mintlayer is a tokenization layer built on top of Bitcoin, enabling native swaps with BTC, including using the Lightning Network.
“Portal’s cross-chain DEX can help make multi-chain implementations more viable, allowing token issuers to take advantage of the unique capabilities of different protocols, including Bitcoin sidechains like Mintlayer, thereby plugging the entire web3 ecosystem to the most decentralized and valuable blockchain, and the world’s hardest money.”
The partnership is predicted to be a major milestone in the growth of DeFi on the Bitcoin network. The crypto world awaits to see the developments the companies promise.
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