Portal, a Bitcoin-focused DeFi project, recently announced its successful $34 million seed funding round. At time of writing, this represents the second-largest funding round in the Web3 space for the year 2024. This follows an earlier fundraising effort in September 2021, where Portal secured $8.5 million.

Then, as now, Portal’s raise announcement focuses heavily on the platform’s creation of a decentralized exchange (DEX) to allow atomic swaps that don’t rely on trusted intermediaries to move assets between chains. 

But after more than two years and $42.5 million in funding, Portal’s DEX is still in testnet. 

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