Portal, a blockchain firm that has gained the backing of Coinbase Ventures, is raising growth capital on Republic.
As it stands today, Portal has raised over $581,000 in less than two weeks. The offering has garnered the backing of 94 investors with just five days left in the securities offering. The company is pitching Series A preferred shares at $33 each and a minimum investment of $990.
Of note is the fact that US investors may not participate, and affiliates of Republic have taken a stake in the firm. Over $40 million has already been raised by Portal from Republic Capital, Coinbase Ventures, Arrington XRP, and others.
Portal aims to provide decentralized finance that is “censorship-resistant and peer to peer “oriented” similar to Bitcoin. Transactions on portal are said to be far faster and less expensive than Layer 1 transactions.
Portal seeks to tokenize Bitcoin native applications as well as traditional financial assets including private securities, real estate, and other novel assets that are “currently not easily accessible to the general public.” Portal wants to build financial functionality on Bitcoin succeeding where others have fallen short. In effect digital capital markets on Bitcoin.
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