Bitcoin’s Role in Decentralized Finance
The collaboration will deliver enhanced security, greater utility and true omnichain interoperability with Bitcoin’s robust security
Mintlayer, a trailblazer in enabling native Bitcoin functionality for DeFi applications, today announced a new integration with Portal, a leading innovator in decentralized finance (DeFi) and pioneer of Layer 2 cross-chain atomic swap technology. This collaboration will enrich the DeFi space with enhanced security, greater utility and true omnichain interoperability with Bitcoin, without the need for bridges, wrappers or custody of assets.
"Both Portal and Mintlayer share a vision for accomplishing Bitcoin DeFi, whether it's through Portal's bridgeless hub or Mintlayer's Atomic Swaps,” said Enrico Rubboli, CEO of Mintlayer. “We are united in our goal to utilize Bitcoin without resorting to wrapped tokens, synthetics or custodial solutions that introduce greater risks for users. This shared conviction has underscored the importance of fostering a partnership with Portal, as we believe the rising tide of Bitcoin will lift us all together.”
Mintlayer is a Bitcoin Layer 2 sidechain that enables developers to build a decentralized financial ecosystem without straining the Bitcoin Network. Its platform extends the functionality of Bitcoin into the realm of DeFi by facilitating atomic swaps and allowing developers to innovate on Bitcoin's Layer 2 without congesting the network. Mintlayer's unique approach introduces unprecedented security, removing the need for intermediaries and complex mechanisms such as peg-in, wrapped or federated tokens. This eliminates counterparty risk, reduces friction and provides true token interoperability.
The Portal DEX Network utilizes atomic swaps technology to be the first-and-only noncustodial cross-chain liquidity solution for safe, one-click trades of native BTC and Bitcoin-based tokens against native tokens on other EVM chains. Built on Bitcoin, it rivals the efficiency of centralized exchanges while removing the risks of bridges, wrappers and CEXs.
"Mintlayer’s platform is an exciting development for the tokenization of real-world assets, NFTs and dApps, presenting new opportunities for users to expand the utility of their BTC holdings,” said Chandra Duggirala, CEO and Co-Founder of Portal. “Mitnlayer’s integration of Portal resonates deeply with our core mission at Portal—to harness Bitcoin’s potential in powering the future of decentralized finance. This integration marks a pivotal step towards that future, one where Bitcoin’s value is fully unlocked across a multitude of DeFi applications without compromising security or user sovereignty."
