Portal to Bitcoin, a protocol focused on Bitcoin interoperability, has successfully raised $25 million in funding, led by JTSA Global. This investment follows contributions from Coinbase Ventures and others. The funds will support the launch of its Atomic OTC trading desk, which aims to facilitate instant, trustless cross-chain settlements for large trades. Unlike other platforms, Portal to Bitcoin emphasizes a Bitcoin-centric approach for institutional and high-net-worth clients, eliminating the need for custodians or wrapped assets. The protocol utilizes Hashed Timelock Contracts (HTLCs) and Bitcoin Taproot contracts to enable non-custodial swaps between native BTC and assets on various blockchains. This design minimizes trust assumptions and allows users to interact directly with native assets. The system also features a Notary Chain on the Ethereum Virtual Machine, with validators ensuring trade matching without controlling funds. While validators manage pricing and liquidity, they cannot seize user assets, although they could potentially disrupt operations if misused.
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