Portal Gate, a compliant and privacy-centric infrastructure developer, has successfully closed a funding round of $1.1m.
This milestone marks a significant win for the firm that aims to revolutionise privacy in the DeFi landscape.
The investment round was led by Apollo Crypto and saw participation from a diverse range of investors including UpsideDAO, Greythorn Asset Management, Comma3 Ventures, Gandel Invest, Rebase D. Ventures, Fork Ventures, founders of Ren Protocol, zCloak Network, Pellar Technology and other angel investors in the Web3 arena.
Portal Gate operates in the realm of decentralised finance (DeFi), offering robust and privacy-centric infrastructure solutions. The firm is renowned for its privacy pools that conceal links between wallets, and its primary product – a decentralized dark pool. The latter facilitates users with the ability to execute on-chain transactions with hidden prices and order sizes. As the Web3 landscape migrates towards a more regulated environment, Portal Gate is harnessing zero-knowledge based compliance oracles to support both off-chain and on-chain permissioning.
With the influx of fresh capital, Portal Gate intends to expand its core team, initiate privacy pools on the mainnet, and fast-track the development of the decentralized dark pool. The investment will pave the way for a new era of privacy in DeFi, enabling more efficient on-chain trading for institutions.
Portal Gate’s core contributors, including digital assets’ long-term builders and investors from as early as 2016-2017, bring a wealth of experience to the table. Their dark pool core developers are credited as the founders of a leading Web3 cross-chain protocol that managed a Total Value Locked (TVL) of over $1bn without any security breaches.
Apollo Crypto CIO Henrik Andersson said, “We are extremely bullish on the intersection of privacy and compliance in DeFi. Portal Gate has identified specific pain points for institutional on-chain participants. As a multi-strategy fund, we will be one of the first users of Portal Gate. Some of the best projects started in bear markets. A decentralized dark pool is technically challenging and remains a missing piece of necessary infrastructure. We have known the core team for many years, they are some of the top builders in this space with the right combination of experience.”
Founding Contributor Jemma Xu said, “Currently, on-chain transactions are all in lit pools where trades are being front-run by MEV bots, leaking alpha. Without a dark pool, it is difficult to trade on-chain with large orders.”
Portal Gate’s privacy pool is slated for mainnet launch in Q3.
Mesh, a Dublin-based company renowned as the world’s first purveyor of email security solutions made explicitly for Managed Service Providers (MSPs), recently announced the successful completion of its seed funding.
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