Portal Gate Raises $1.1M in Seed Funding

Portal Gate Raises $1.1M in Seed Funding

Time Stamp: June 19, 2023 10:26 PM
Source Node: 2734925

Portal Gate, a decentralized finance (DeFi) infrastructure stack focused on compliance and privacy, has raised $1.1 million in seed funding round.

  • The funding was led by Apollo Crypto and saw participation from UpsideDAO, Greythorn Asset Management, Comma3 Ventures, Gandel Invest, Rebase D. Ventures, Fork Ventures, founders of Ren Protocol, zCloak Network, Pellar Technology, and other angel investors in Web3.
  • Established in 2022, Portal Gate aims to develop compliant and private DeFi infrastructure to facilitate more efficient on-chain trading for institutions.
  • The initial iteration involves privacy pools that conceal the connection between wallets, and the main product will be a decentralized dark pool enabling users to transact on-chain with hidden prices and order sizes.
  • To address the increasing regulatory environment of Web3, Portal Gate employs zero-knowledge based compliance oracles for off-chain and on-chain permissioning.
  • The funding will be used to expand the team, launch privacy pools on the mainnet, and accelerate the development of the decentralized dark pool.
  • Henrik Andersson, CIO of Apollo Crypto, expressed optimism about the combination of privacy and compliance in DeFi and highlighted Portal Gate’s identification of pain points for institutional on-chain participants.
  • The project’s core contributors possess extensive experience as builders and investors in digital assets, and the dark pool core developers have previously established a successful Web3 cross-chain protocol with a total value locked (TVL) of over $1 billion and no security breaches.
  • Portal Gate plans to launch its privacy pool on the mainnet in the third quarter of this year.

Read Also: Bitcoin DeFi Startup Portal Launches Equity Offering Via Republic

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