Polygon (MATIC) brings in Bitcoin atomic swaps through Portal tie-up

Karthik Subramanian

Polygon (MATIC) would now be able to offer fast, secure, and reliable atomic swaps between Bitcoin and other assets by a strategic partnership with Portal, a self-hosted cross-chain Layer-2 DEX built on the Bitcoin network.

This would help the Portal platform to move assets seamlessly across multiple networks across the DeFi ecosystem at the lowest possible rates. A lot of platforms and developers have been onboarding the Polygon ecosystem due to the promise of low gas fees and high speed and so far, the network has been able to meet the expectations. This partnership is expected to give a huge boost to the Bitcoin and Polygon networks as it would mean that the users would finally be able to swap assets across different chains in a smooth manner with low fees as well.

Portal executive chairman Dr. Chandra Duggirala commented, “Given that Portal is a DeFi layer on Bitcoin, we are excited to partner with Polygon to enable WBTC/BTC and POS-WBTC to BTC swaps. We believe that having liquid markets and enabling price discovery will appropriately price wrapped Bitcoin based on risk and enables increased usability for Bitcoin.”

Portal will facilitate WBTC/BTC and POS-WBTC to BTC swaps on its decentralized exchange. Polygon will run a facilitation node on Portal DEX to provide ongoing liquidity for atomic swaps between Bitcoin and POS-WBTC, WBTC, and other assets. Its Layer 2 and Layer 3 technology simplifies building censorship-resistant communications, media, and one-click execution of cross-chain swaps on top of the Bitcoin blockchain. It facilitates the private, off-chain execution of “smart contracts” for asset issuance, swaps, staking, liquidity, derivatives, and more, all peer-to-peer, without third-party custody or control.

With the regulators around the world coming down hard on the centralized exchanges, it is expected that the decentralized exchanges would benefit in the long run but they do have the challenge of cross-chain compatibility and interoperability that they would need to overcome. Various crypto businesses and exchanges around the world have been trying out various approaches to solving this problem but there is still no one size fits all solution as yet while efforts continue to be taken to bring together compatible chains and ensure that asset transfers happen between them in s secure manner. This is what Portal has also managed to achieve, by the use of atomic swaps, between the Bitcoin and Polygon chains.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<