Bitcoin-first protocol Portal to Bitcoin secures $50 million in new funding

PANews reported on August 28 that according to CoinDesk, the Bitcoin-first protocol Portal to Bitcoin has received $50 million in new financing led by Paloma Investments, bringing the project's total financing to $92 million. The funds will be used to support the expansion of the company's adapter BitScaler. BitScaler can expand native Bitcoin without the use of wrapped tokens, custodial bridges, or "messaging or other insecure alternatives." Portal plans to use the new funds to expand its funding program and attract institutional and community liquidity providers. The company is also currently conducting pilot integrations with wallets and custody platforms to demonstrate non-custodial token swaps.