Portal to Bitcoin raised $25 million in funding for its atomic OTC trading desk. The company focuses on BTC-anchored crosschain OTC markets for institutions. Leveraging HTLCs and Taproot contracts, it ensures non-custodial swaps with native assets. The system reduces trust assumptions and offers instant cross-chain settlement for large block trades.

Portal to Bitcoin uses BitScaler, a Lightning Network-like layer-3 solution built on Bitcoin. It opens channels for secure trades using HTLCs and Taproot. Unlike other systems, Portal to Bitcoin allows users to deal only with native assets on their native chains, eliminating the need to trust wrapped tokens.

Portal to Bitcoin’s PortalOS operates on EVMOS with 42 validator slots. Validators, known as Portal Guardians, match buyers and sellers without controlling funds. While the initial validator set is permissioned, auctions will be permissionless in the future. Validators maintain the notary chain state and facilitate crosschain contracts for the protocol’s token.

Read more at Cointelegraph: Portal to Bitcoin Raises $25M for Native Bitcoin Swaps