Singapore-based provider of a compliant and privacy-centric DeFi infrastructure, Portal Gate, closed its funding round at USD 1.1 million. The round took place on June 19, 2023. Apollo Crypto led the financing for the company.
Meanwhile, 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 Web3 joined in the funding.
Purpose of financing for Portal Gate
With the latest financing, the company intends to scale the core team.
It also has plans to launch privacy pools on the mainnet. It further seeks to accelerate the development of the decentralized dark pool. Furthermore, Portal Gate’s privacy pool is targeted for mainnet launch in Q3.
What the company’s official has to add
Jemma Xu, Founding Contributor, 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.”
What the lead investor has to add
Henrik Andersson, CIO of Apollo Crypto, further 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.”
Apollo Capital Management is an organization that invests in crypto assets. It is a professionally managed portfolio of cryptocurrency assets that gives retail investors access to the rapidly expanding market. Founders Domenic Carosa and Holger Arians established Apollo Crypto in 1990. The company’s portfolio investments include the blockchain application platform Avalanche, Chainflip, a multi-chain decentralized exchange; Lyra Finance, a decentralized derivative trading platform; and Liquality, a multi-chain browser extension wallet.
About the company
Building secure, private DeFi infrastructure in order to enable more effective on-chain trade for institutions is the goal of Portal Gate. The fundamental product will be a decentralized dark pool that enables users to transact on-chain with concealed prices and order sizes in the first iteration, which consists of privacy pools that conceal relationships between wallets. Portal Gate is using zero-knowledge based compliance oracles to fulfil both off-chain and on-chain permissioning as Web3 evolves towards a more controlled environment.
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