Portal Gate closes $1.1m funding round to build privacy-centric DeFi infrastructure

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Jun 19, 2023, 11:30 ET

SINGAPORE, June 19, 2023 /PRNewswire/ -- Portal Gate, a compliant and privacy-centric DeFi infrastructure stack with a decentralized dark pool at its core, has closed a US$1.1m seed funding round led by Apollo Crypto with participation from 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.

Founded in late 2022, Portal Gate's mission is to build compliant and private DeFi infrastructure to facilitate more efficient on-chain trading for institutions. The first iteration is privacy pools that obfuscate links between wallets and the core product will be a decentralized dark pool providing users with the ability to transact on-chain with hidden prices and order sizes. As Web3 moves towards a more regulated regime, Portal Gate is leveraging zero-knowledge based compliance oracles to complete both off-chain and on-chain permissioning.

The funding will be used to scale the core team, launch privacy pools on mainnet, and accelerate the development of the decentralized dark pool.

'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,' said Henrik Andersson, CIO of Apollo Crypto. '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.'

'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.' said Jemma Xu, Founding Contributor.

Portal Gate's core contributors have been long-term builders and investors in digital assets since 2016-2017. The dark pool core developers are founders of one of the leading Web3 cross-chain protocols that secured a TVL of over US$1bn without any security breaches.

Portal Gate's privacy pool is targeted for mainnet launch in Q3.

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About Portal Gate
A privacy-centric DeFi stack allowing compliant users to trade on-chain whilst preserving their anonymity.

Media Contact:
Portal Gate Marketing
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SOURCE PG Foundation Ltd