Shantel
Key Takeaways
- Portal Gate has raised $1.1 million in seed funding for building compliant, private DeFi infrastructure.
- The funding round was led by Apollo Crypto with contributions from other notable investors.
- The funding will facilitate team expansion, the mainnet launch of privacy pools, and accelerate the development of a decentralized dark pool.
Seed Funding Round
Portal Gate, a privacy-centric DeFi infrastructure stack with a decentralized dark pool at its heart, has raised $1.1 million in seed funding. The round was led by Apollo Crypto and saw participation from other investors like UpsideDAO, Greythorn Asset Management, Comma3 Ventures, Gandel Invest, Rebase D. Ventures, Fork Ventures, and founders of Ren Protocol, zCloak Network, Pellar Technology, along with other angel investors in Web3.
Purpose and Utilization of Funds
The company’s goal is to build a compliant and private DeFi infrastructure for efficient on-chain trading for institutions. The first phase of this project involves creating privacy pools that conceal the connections between wallets. The core product will be a decentralized dark pool that allows users to carry out on-chain transactions with hidden prices and order sizes. The raised funding will be used to expand the core team, launch privacy pools on the mainnet, and accelerate the development of the decentralized dark pool.
Management Remarks
Henrik Andersson, CIO of Apollo Crypto, said that they are highly bullish on the intersection of privacy and compliance in DeFi. He mentioned that Portal Gate has identified specific problems for institutional on-chain participants and believes that they will be one of the first users of Portal Gate. Jemma Xu, a founding contributor of Portal Gate, emphasized the need for a dark pool to facilitate large order trades on-chain.
About Portal Gate
Portal Gate, founded in late 2022, is a privacy-centric DeFi stack that allows compliant users to trade on-chain while preserving their anonymity. Its core contributors have been long-term builders and investors in digital assets since 2016-2017.
