Summary
- Portal to Bitcoin has secured investment of $50 million.
- The funds raised will be used to develop BitScaler.
- Bitcoin was reported trading at $112,416.86 on the Binance USDT market, up 0.26% from the previous day.
According to crypto asset (cryptocurrency) specialist media CoinDesk on the 28th (local time), the Bitcoin (BTC)-based cross-chain protocol 'Portal to Bitcoin' has secured $50 million in investment.
The round was led by Paloma Investment, and the funds raised will be used to develop Portal's adapter, BitScaler.
BitScaler is designed to scale native Bitcoin without wrapped tokens, centralized custodial bridges, or insecure message-passing processes.
Portal to Bitcoin said that, based on this investment, it will "accelerate trust-minimized scaling of Bitcoin."
As of 01:59 on the 29th, Bitcoin was trading at $112,416.86 on the Binance Tether (USDT) market, up 0.26% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
