Binance and Coinbase both back PTB—can it prove the Bitcoin ecosystem?
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Binance and Coinbase both back PTB—can it prove the Bitcoin ecosystem?
What is Portal to Bitcoin, the Bitcoin-first protocol that raised $92 million?
Navigating Web3 tides with focused insightsAuthor: Nicky, Foresight News
On August 29, Binance Alpha and Futures will list Portal to Bitcoin (PTB), with PTB opening for Alpha and futures trading on September 3, 2025. What kind of project is Portal to Bitcoin?
On August 28, 2025, Portal to Bitcoin, a Bitcoin-centric interoperability protocol, announced it has raised $50 million in funding led by Paloma Investments.
The project had previously secured approximately $42 million from institutions including Coinbase Ventures, OKX Ventures, and Arrington Capital. This latest round brings the project's total funding to $92 million, which will be primarily used to expand its core adapter, BitScaler.
The core team of Portal to Bitcoin comprises individuals with backgrounds in health tech, hardware engineering, and blockchain. Co-founder and CEO Chandra Duggirala is a serial entrepreneur who previously founded a medical device company and an AI nutrition startup, tryFuel, and holds multiple U.S. patents in biophysics. Co-founder and CTO Manoj Duggirala graduated from Stanford University in Materials Science and Engineering, contributed to the development of motion processing units for iPhone 6 and 6S, and leads Portal’s security architecture and trust-minimized design. Co-founder and CMO George Burke brings eight years of experience in the blockchain industry, having launched a Bitcoin debit card and participated in early exchange operations; he now leads community growth and market strategy and organizes the Silicon Valley Bitcoin meetup.
Portal's journey began with deep exploration into cross-chain swaps. Unlike traditional cross-chain solutions that rely on bridges or custodians, Portal’s core vision is to build a “fully trustless, censorship-resistant” cross-chain swap network, enabling users to directly exchange native assets across different blockchains without relying on wrapped assets, bridges, or custodial parties.
According to the official whitepaper titled "Sovereign Stack: Building Bitcoin’s Cross-Chain Superstructure," Portal is building a framework that enables Bitcoin to move, earn, and participate across ecosystems, while ensuring assets always remain in users’ wallets rather than third-party custody.
This architecture is built on four core layers: BitScaler as the execution layer supporting cross-chain atomic swaps; Portal DEX as the trading layer enabling peer-to-peer trades between native assets; a validator and liquidity coordination layer responsible for route optimization; and a Community Rewards Hub that incentivizes user participation in network development.
The underlying technology relies on BitScaler, a Bitcoin Layer 2 network, using a Notary Chain to unify cross-chain transaction accounting, while deploying customized automated market makers (AMMs) on each chain. For example, on Ethereum and other EVM chains, it uses Uniswap-like smart contracts, while on the Bitcoin network it builds decentralized AMMs via multi-party Hashed Time-Lock Contracts (HTLCs).
This design preserves Bitcoin’s native security while solving cross-chain efficiency issues through Layer 2 scaling, allowing users to directly swap BTC with assets on other chains without needing bridges.
Currently, Portal has launched four core products: LiquidityRouter, a liquidity routing tool supporting cross-chain atomic swaps; SwapSDK, designed for integration into third-party applications; PortalWallet, featuring built-in cross-chain trading capabilities; and RAFA, an AI-powered assistant tool for investors.
PTB is the native token of Portal to Bitcoin, with a total supply of 8.4 billion tokens. At TGE, 33% of the total supply will be released—33% allocated to the community, 33% for liquidity provision, 23.1% for ecosystem development, and the remaining 10.9% to the foundation treasury.
Notably, Portal underwent a significant tokenomics overhaul this year. In August, the team announced optimizations to PTB’s token distribution, adjusting the initial circulating supply to 2 billion tokens and significantly reducing the foundation treasury allocation (from 11.4% to 7.4%), while increasing allocations for community incentives and ecosystem development. Token emissions will primarily support liquidity provider rewards (65%) and validator incentives (30%), with a buyback-and-burn mechanism introducing deflationary pressure.
Technically, Portal has already achieved atomic swaps between Bitcoin and Ethereum, with Solana integration actively underway. As the key execution layer, BitScaler leverages Taproot and Miniscript to enable policy-based smart contract execution and uses channel factories to support scalable off-chain contracts, enabling real-time, non-custodial swaps while preserving Bitcoin’s base-layer security.
Prior to this, Portal’s technology integration has already been validated in practice. In June 2024, Anduro, a Layer 2 network incubated by Bitcoin miner Marathon Digital Holdings, announced integration with Portal to Bitcoin.
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