After Raising $8.5 Million from Private Investors, Portal Announces Offering

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Portal, a self-hosted wallet and true cross-chain Layer 2 DEX built on Bitcoin, is delighted to announce its public equity sale through, a multi-asset investment platform that allows anyone to invest in vetted, private startups. The public sale will take place mid-November.

Portal is extending the capabilities of bitcoin to lay a more robust foundation for self-sovereign finance.

The team truly believes that the participants make the project, and want to ensure that those who support delivery of a truly decentralized financial network, including collaborators, users, and Republic investors alike, enjoy the growth of the company as much as the founders do.

According to, their vetting process only approves 3% of startups to fundraise on the platform. The upcoming equity offering will allow the general public to invest in an ambitious project building DeFi on top of the Bitcoin blockchain.

Eric Martindale, CEO at Portal said:

“I’m tired of watching unsophisticated users be swindled into losing their money on insecure systems masquerading as decentralized wünderkind. By leveraging Bitcoin’s smart contract capabilities, Portal can deliver on the promise of truly decentralized finance. The world is about to recognize the power of self-sovereign money in a very big way, so we’ll be seeing unprecedented volumes of capital moving into Bitcoin. We seek to give all digital assets a market in which they can fairly trade, in a trust-minimized way, and backed by Bitcoin’s security and price discovery.”

Last month, Portal announced an $8.5 million round from prominent private investors including Coinbase Ventures, ArringtonXRP Capital, OKEx,, Shima Ventures, LD Capital, NGC Ventures,, Monday Capital, GenBlock, Taureon, MarketAcross, Autonomy Capital, Krypital, B21 Capital as well as the senior executives and founders from Ethereum, DFINITY, MobileCoin, Tether (USDT), Galaxy Digital,, Republic,, Polymath, Æternity, Hedera Hashgraph, Reef Finance, GlobeDX, FIO, Portion, and 4K.

Participation Details:

Investors from around the world, including the residents and citizens of the United States, will be able to participate in the sale. They’ll have the option to fund their purchases via fiat or in BTC, USDT, USDC or ETH.

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The number of investor slots – which will be filled on a first-come, first-serve basis – is capped at 1,900. Portal expects the public offering to sell out on the very first day.

Investors keen to participate in the offering can get on the whitelist ahead of the time via the Due Diligence Sign-up Form. Registering for the whitelist does not guarantee a spot, though.

Portal is DeFi built on Bitcoin. It makes DeFi unstoppable with anonymous, zero-knowledge swaps via the first true cross-chain DEX that’s genuinely trustless. It eliminates minting wrapped coins (ie wBTC, wETH) or risky staking with intermediaries. With Portal, DeFi becomes a service that anyone can provide, maintaining anonymity within open, transparent markets with a security model as robust as Bitcoin mining.

Fabric Protocol is Portal’s Layer 2 and Layer 3 technology that enables building censorship-resistant communications, media and one-click cross-chain swaps, all on Bitcoin.

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Congress Members “Express Concern” Over Treasury’s Potential Crypto Wallet Regulations

Four members of Congress have expressed concerns in a letter to the United States Treasury Secretary Steven Mnuchin, over the rumored self-hosted crypto wallet regulation ban.

Treasury, Regulation, Mnuchin, Crypto Wallet

The four US lawmakers—Reps. Warren Davidson (R-Ohio), Tom Emmer (R-Minn.), Ted Budd (R-N.C.), and Scott Perry (R-Penn.)—sent a letter to Treasury Secretary Mnuchin on Wednesday to express concern over the rumors that the Secretary plans to implement self-hosted wallet regulations as the Trump administration exits the White House.

In a post on Twitter on Dec.10, Rep. Warren Davidson attached a copy of the letter and wrote:

“I’m troubled by rumors that @StevenMnuchin1 plans to enact burdensome regulations on digital self-hosted wallets. My colleagues @RepTomEmmer, @RepTedBudd, and @RepScottPerry have sent a letter to @USTreasury urging him to rethink these regs & consult with Congress on #FinTech.”

The rumors began when Coinbase CEO Brian Armstrong tweeted last month that he had heard whispers of Mnuchin’s plans to rush out the crypto wallet regulations. According to Armstrong, the regulations would apparently require cryptocurrency exchanges to verify all know-your-customer data for self-hosted wallets before they could send cryptocurrencies off of their platforms and into the wallets. This type of verification would be incredibly tedious and ongoing.

According to the Congress members’ letter sent on Dec. 9, the lawmakers believe that if realized, the potential regulation would greatly hinder America’s ability to become a leader in this emerging digital space and could exclude US actors from participating in the space entirely. The letter further highlights that the regulations would also, “undermine the Treasury Department from stopping illicit actors from exploiting the financial system.”

The US lawmakers argue that requiring exchanges to maintain this amount of KYC data would likely threaten user privacy and called for the US to approach regulation in this space with parity for both the traditional financial system and the crypto ecosystem.

The letter reads:

“The contemplated regulation would not meaningfully support law enforcement, while it would raise privacy concerns and place impractical regulatory burdens on digital asset users and companies.”

The Lawmakers also explain to the Treasury in the letter that implementing such regulations around crypto wallets could the unintended effect of turning anyone who currently uses self-hosted wallets into a criminal.

Reps. Warren Davidson (R-Ohio) wrote in a statement online prior to the letter being sent:

“Before Treasury issues midnight rules on the regulation of self-hosted wallets, Secretary Mnuchin should come to the Peoples’ House and speak to representatives about what his regulations would do. Over-regulating self-hosted wallets will crush a nascent industry and leave the Unites States behind the rest of the world when it comes to harnessing the power of blockchain and cryptocurrency.”

In words that would be echoed in the joint letter to the Treasury, Davidson further stated:

“The wrong regulations will violate the financial privacy of users and send a message to the world that you shouldn’t build businesses or try new use cases for blockchain in the United States. I hope Treasury will carefully consider any action it takes on self-hosted wallets. I look forward to working with Secretary Mnuchin on this important issue for US financial technology.”

Image source: Shutterstock


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