A Bitcoin-based decentralized exchange (DEX) is coming—and its architects are hoping to save users from the messy and hack-prone world of bridges.

Portal, a San Francisco-based startup, just raised $34 million in a seed funding round from the likes of Coinbase Ventures, OKX Ventures, and Arrington Capital to support the development of the product. 

The DEX allows anyone to swap Bitcoin (BTC) for other cryptocurrencies—quickly, cheaply, and without a middleman. 

A DEX, or digital asset exchange, allows users to trade tokens directly. Unlike major crypto exchanges like Binance, anyone can execute trades on a DEX because the platforms do not ask for customer information like name, address, or ID from traders—information required by most know-your-customer (KYC) financial regulations.

The idea behind Portal, CEO Chandra Duggirala told Decrypt, is for the peer-to-peer (P2P) platform to help users  make quick swaps w

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Author: Mathew Di Salvo

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