SAN FRANCISCO, CA - (NewMediaWire) - June 19, 2024 -  Portal DeFi, originally launched to build decentralized finance solutions on Bitcoin, proudly announces its rebrand to Portal to Bitcoin. This change reflects a broader mission to serve Bitcoin itself, positioning the platform as the premier access point for the global crypto community to seamlessly engage with Bitcoin. 

“The era of cross chain transactions used to be the domain of CEXes from 2010-2019, on-chain custodians such as Bridges, Multisigs and Vaults from 2019-2024 and with our BitScaler based infrastructure, it moves into the Custody-Less era,” said Chandra Duggirala, CEO of Tides Network, contributing to the Portal to Bitcoin protocol. “Rebranding to Portal to Bitcoin signifies our evolution and dedication to the core principles of Bitcoin: Trust-Minimization, self-sovereignty, and security. As Bitcoin transforms from Digital Gold to the settlement layer for Millions of Markets, our focus has shifted to providing a trust minimized, robust, and user-friendly adapter layer that preserves Bitcoin’s ethos, making it accessible for every market built on it, serving everyone from novice users to institutional investors,” he added. 

Custody remains a critical challenge within decentralized finance, and Portal to Bitcoin’s innovative solution “BitScaler” addresses this head-on. BitScaler includes key innovations such as modified channel factories, non-custodial signing delegation, and several others to eliminate the need for trusted intermediaries such as bridges, vaults, or multi-sig solutions while doing cross chain operations, while keeping fees low and transactions fast. This ensures a secure, antifragile system where users can trade without the risk of losing funds or relying on wrapped assets.

“Portal’s vision of Bitcoin block space becoming the settlement layer for millions of markets is spot-on,” said David Johnston, the founder of Mastercoin, the first token issuance protocol on Bitcoin in 2014 and a pioneer of dApps. “They are creating the trust-minimized interoperability layer for all these markets on Bitcoin with their BitScaler architecture. As a long term Bitcoiner who built tech to expand the functionality and utility of the Bitcoin Network, I recognize this key breakthrough to increase both the transaction/contract richness as well as scaling throughput without any changes to the Bitcoin protocol itself,” he concluded.

Portal to Bitcoin's cutting-edge BitScaler leads the industry with its first implementation of channel factories, Miniscript, easy key management with derivation paths, Taproot, Merkle trees etc to build the first Bitcoin AMM and layer 2 atomic swaps through the AMM. This groundbreaking technology enables users to effortlessly convert assets such as ETH to BTC, bypassing the complexities of traditional custodians and intermediaries. 

Matt Roszak of Bloq said, "Portal is creating an ambitious superhighway to advance Bitcoin cross-chain liquidity and innovations, which are paramount for the future of web3.”

The rebrand highlights Portal to Bitcoin’s unwavering commitment to Bitcoin’s foundational principles. The platform is engineered to minimize reliance on intermediaries, offering a trustless and secure trading environment. This dedication to decentralization and self-sovereignty ensures that users can engage with Bitcoin in its truest form.

“Portal’s BitScaler architecture is an impressive advancement in Layer 2 scaling solutions,” said Craig Sellars, Founder and former CTO of Tether, Founder and CEO of SELF (selfid.com) and Portal Investor. “This technology can enhance Bitcoin's transaction throughput off-chain and expands the scope of contracts that can be written on the blockchain, including applications of decentralized identity critical to on-chain tokenized real world assets (RWAs) and portable KYC. Adaptor signatures for atomic swaps and non-custodial signing delegation reduce costs and critically enhance privacy and security. This innovative approach integrates Taproot, Merkle trees, and Point Time-Locked Contracts (PTLCs) to further expand the capabilities of channel factories. I’m excited that Portal has created a safe & open infrastructure allowing cross-chain Bitcoin projects to flourish.” 

Portal to Bitcoin aims to revolutionize the crypto space by onboarding both novice and institutional users into the Bitcoin ecosystem. The platform features an intuitive native mobile app and seamless fiat onramps, designed to make Bitcoin accessible and understandable for everyone. This vision represents a significant leap forward, making Portal to Bitcoin the first touchpoint for new crypto users worldwide.

Another core component of the rebrand announcement is a new key integration with Anduro, a global Bitcoin software company incubated by MARA (Marathon Digital Holdings), one of the world’s pre-eminent Bitcoin miners. The partnership is aimed at enhancing cross-chain trading and advancing Bitcoin utility and adoption.

Anduro was founded to build sidechain infrastructure that extends Bitcoin’s programmability and innovative applications that accelerate Bitcoin’s adoption. The integration with Portal will allow users to swap Anduro sidechain assets with native BTC, Ordinals, Runes, and other blockchain assets like ETH and EVM Layer 2 assets. All of this will be done through Portal's BitScaler based Liquidity router.

For more information, visit https://portaltobitcoin.com and join the journey towards a decentralized and self-sovereign financial future.

About Portal to Bitcoin

Portal, conceived by a team of veteran Bitcoin and AI engineers, is dedicated to empowering financial self-sovereignty. Portal is the only custody-less interoperability protocol for Bitcoin. Portal enables fast, low-cost atomic swaps between native Bitcoin assets like BTC, Ordinals, and Runes, to L2s and other L1s. With Portal’s technical breakthroughs, there is no bridging or wrapping. User funds are always safe. Portal is backed by Coinbase Ventures, OKX Ventures, Gate.io, Arrington Capital, and many other prominent investors. For more information, visit  https://portaltobitcoin.com, X (Twitter), Discord, Medium and Telegram.

Jon Lindsay Phillips

704.942.1557

PortalToBitcoin@phillcomm.global