PRESS RELEASE. CHICAGO – Feb 22, 2024 – Lumerin, a decentralized Hashpower Marketplace built on Arbitrum that has built technology to make Bitcoin hashrate a liquid asset allowing for global access to peer-to-peer, decentralized hashrate trading, today announced a new integration with Portal, the first trust minimized, cross-chain swaps that involve no bridges, custody or […]
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Fintech Provider Portal Raises $34 Million in Seed Funding
Portal, the provider of a decentralized Bitcoin ecosystem, announced on Jan. 30 that it has raised million via a seed funding round. Portal said the raised capital is set to fund the development of a decentralized exchange platform and a wallet.
Layer 2 Atomic Swap Technology
Portal, a fintech provider advancing financial self-sovereignty, announced on Jan. 30 that it recently raised million in seed funding. Key crypto venture firms and investors that participated in the funding round include Coinbase Ventures, Arrington Capital, OKX Ventures and Gate.io.
In a statement, Portal said the new funding has been raised at a time when the industry is dealing with security risks and fragmentation inherent in cross-chain bridges and exchange platforms. With approximately .5 billion stolen in the last two years alone, the fintech provider said the situation now requires a different approach, namely the atomic swap technology.
“Portal intends to solve the problem of custodial risk once and for all using secure and transparent Layer 2 atomic swap technology. With the support of our investors, we look forward to introducing cross-chain infrastructure that finally enables users to execute trades quickly and safely,” Chandra Duggirala, the co-founder and CEO of Portal, said.
The fintech provider revealed that it is attempting to create a solution that enables peer-to-peer swapping of bitcoins (BTC) across different blockchains without intermediaries. Additionally, Portal’s infrastructure is expected to enable the swapping of BTC across exchanges without giving up custody, privacy, or security.
Making BTC More Accessible and Secure
The latest funding round, which brings Portal’s capital raise so far to .5 million, will finance the development of the decentralized exchange (DEX) and wallet. Portal said it also plans to launch products previously reserved for large institutions and hedge funds.
Meanwhile, Michael Arrington, the founder and partner at Arrington Capital, commended Portal for pioneering decentralized finance on the Bitcoin network. Arrington added that Portal’s approach will likely make BTC more accessible and secure for individuals.
Dora Yue, the founder of Okx Ventures, described Portal’s platform as a game-changer and “a leap towards a future where trading is more responsive, liquid, and secure.”
What are your thoughts on this story? Let us know what you think in the comments section below.
FTX Restores Full Access to Claims Portal After Cybersecurity Breach
The portal allowing FTX customers to file claims with the bankrupt cryptocurrency exchange is again fully operational after a recent security incident. User accounts that were affected by the breach in August have been unfrozen, the failed crypto trading company announced.
Crypto Exchange FTX Ups Security on Claims Portal Following Kroll Incident
The FTX claims portal is once again fully accessible for customers of the cryptocurrency exchange who suffered losses as a result of its collapse in November, 2022. In late August, the company froze some user accounts after a cyberattack against Kroll, the agent managing the claims.
Claimants may now resume activities on the platform, FTX said on Saturday in a post on X, formerly Twitter, updating the public about the case, pointing out that additional measures have been implemented to secure the portal and stating:
Following our review and assessment of the recent Kroll cybersecurity incident, FTX has unfrozen all affected accounts.
FTX suspended some accounts soon after Kroll revealed on Aug. 25 that a cyberthreat actor had targeted a T-Mobile US account belonging to one of its employees. The company described the incident as a “highly sophisticated ‘SIM swapping’ attack” and explained:
Specifically, T-Mobile, without any authority from or contact with Kroll or its employee, transferred that employee’s phone number to the threat actor’s phone at their request.
According to Kroll, the attacker apparently gained access to some files containing personal information of bankruptcy claimants in the cases of FTX, Blockfi, and Genesis. It emphasized that actions were taken to secure the affected accounts, adding it had no evidence that other systems or accounts had been impacted.
Meanwhile, FTX received permission from a bankruptcy judge to liquidate its digital assets valued at more than .4 billion in order to repay creditors. Its holdings comprise a number of different cryptocurrencies, including 0 million in bitcoin (BTC), 2 million in ethereum (ETH) and .16 billion in solana (SOL).
Do you think that the FTX claims portal is now safe? Share your thoughts on the subject in the comments section below.
Ertha’s Inter-Metaverse Portal NFTs Bought for $60K
It’s now possible to travel between metaverses thanks to Ertha’s Portal NFTs. The game’s passionate community has already spent over ,000 on these NFTs, despite their purpose being a mystery until now.
Ertha’s players will travel instantly between their home planet and Moon – a brand new Sci-Fi-inspired metaverse.
Portals are an easy source of passive income. Players will need to purchase tickets to travel through and pay fees to transport cargo to its destination. Landowners earn revenue from each transaction.
Purchasing a portal in Ertha is a smart investment. Each portal goes two ways, so owners in Ertha receive a portal NFT in Moon – for free (and vice-versa)!
This new utility is also set to increase the value of the land surrounding each portal. Due to the convenience of player and resource transportation, they will also earn owners passive revenue due to the fees players will pay to travel through them. Portals will consistently have a high volume of activity.
Just like Ertha’s city NFTs, portals are a unique business opportunity to earn revenue not just locally, but interplanetarily!
Portals continue to boost Ertha’s profile. This news comes after the record-breaking 0,000 sale of Rome, ,000 for Tokyo, and the majority of Sweden, which a single buyer purchased for ,000.
What is Ertha Metaverse?
In Ertha, mankind finds itself on the brink of extinction. World leaders failed with their last-ditch attempts at saving Earth from its rapidly changing climate, and in the years that followed untold natural disasters devastated the planet.
Players are given the opportunity to right the wrongs of our past by building a new world, from the ground up. Extract resources, develop land, re-build economies, and re-form countries and their governments in the way they see fit. Each player’s actions can have a lasting impact within an ever-evolving metaverse.
Ertha’s Gameplay
Ertha’s world is a complex and intricately designed playspace ripe for the creation of new governments, economies, and shaky alliances between its player base. The Metaverse is divided into 350,000 purchasable land plots, each of which collects taxes, fees, and other forms of revenue from the transactions taking place on them. Players must balance production, trade, and financial budgets, in order to stay one step ahead of the competition.
For those looking for an introduction to Metaverses and Play-to-Earn gaming, Ertha represents an opportunity like no other.
What Is the ERTHA Token?
The ERTHA token will play an essential role for anyone serious about entering the Erthaverse! As a game of economic and political intrigue, our token has various uses for players. Use $ERTHA to influence in-game political policies, purchase land, develop real estate, and much more.
However you decide to use them, the ERTHA tokens you hold will have a real impact on your influence within the Erthaverse!
Portal Removes The Need For Wrapped Tokens And External Custodians For Cross-Chain Asset Transfers
Cross-chain bridges can unlock tremendous potential in the crypto world. But, unfortunately, this technology has certain issues and the wrapped tokens they use. Portal wants to change that narrative by removing the need for wrapped assets or third-party custody of user assets.
Cross-Chain Bridges Are A Security Risk
Those are the findings of Ethereum co-founder Vitalik Buterin, uttered last month. There is a good reason why Buterin uses harsh language, as cross-chain bridges are prone to 51% attacks. When such an attack occurs, hackers and other culprits control the system and can defraud users. Although a 51% attack is not a permanent problem, attackers’ possibility to steal funds needs to be nipped in the bud.
These bridges wrap and lock funds on other chains to facilitate transfers in their current form. It is an elegant solution, although one that introduces unnecessary security concerns. More specifically, the wrapping and locking aspect isn’t decentralized or trustless. Additionally, that approach can lead to security incidents, such as the ones affecting MultiChain, THORChain, pNetwork, Poly Network, and others.
Staghead Crypto Head Neil Player adds:
“Cross chain bridges present a unique set of security risks and these types of exploits are not a surprise. It is a reminder how bleeding edge a lot of the applications that run on top of blockchains are. Exploits such as what occurred on Wormhole are expected to cause growing pains as the technology and techniques associated with bridging assets matures.”
The Poly Network attack made headlines as it is the largest hack in the decentralized finance space to date. Roughly 0 million in assets were stolen – and later returned, thankfully – confirming the vulnerability of these cross-chain bridges. Sadly, Wormhole lost 120,000 Ether – or over 0 million – due to insufficient validation protocols for “guardian” accounts. Unfortunately, too many security incidents involving these bridges warrant much optimism.
Portal Has A Viable Solution
Addressing the core risks with cross-chain bridges is paramount. There are too many attack vectors for assets across a wider network. Moreover, most bridges use centralized federations and external validators to process transfers, even if that reduces the reliability of decentralization and trustlessness.
Portal aims to change the game through its Bitcoin-based cross-chain DEX. It does not use wrapped tokens or third-party custodial solutions. Instead, funds of participating users are locked during trade execution, without replication on other chains or re-bonding. Transactions occur via peer-to-peer atomic swaps, letting users trade Layer-1 assets without delays, exploits, or blocked funds.
Portal executive chairman Chandra Duggirala explains:
Bridges are hard to reason about and secure. Wrapping assets on other chains basically inherits the guarantees of an IOU. When hundreds of Millions and Billions of dollars are being secured by poorly engineered systems and custodians with untested security practices, it becomes hard to secure user funds. Especially given the balance of incentives, with hackers and attackers basically having to get out of jail free cards due to the “code is law” nature of public blockchains, security is especially important. We like simplicity, and trusting proven, lasting contract types and transaction models that Bitcoin has versus all sorts of experimental approaches to real user money.”
By removing the need for wrapped assets and locked funds, transactions complete in full or not at all. Furthermore, if both parties do not receive the exchanged assets correctly, the Portal transaction rolls back automatically. It is a crucial step toward eliminating the risk of exploits at any transaction stage. All transfers are anonymous and leverage zero-knowledge technology, making DeFi a more appealing concept than relying on ineffective, hack-prone cross-chain bridges.
Image: Pixabay
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NFTY Portal – Gateway to the New Reality
The list of crypto assets is increasing by the day, and most of the DEXs only serve a particular category, such as tokens or NFTs. However, to provide the users with the ultimate comfort NFTY Portal has created a DEX where users can trade and store Coins, Tokes and NFTs in a single place.
NFTY Portal has developed a decentralized world where traders, artists, musicians, collectors, and everyone else can trade NFTs, using NFTY Coin and other tools offered by the platform. NFTY Portal has developed into a vast ecosystem with its own currency, wallet, NFTY verse, etc. Let’s take a closer look at what NFTY Portal has to offer.
NFTY Coins
NFTY Coins are arguably the most important aspect of the NFTY ecosystem. There are three coins, NFTY Space, NFTY Time, and NFTY Motion, that play individual roles while simultaneously being interconnected.
NFTY Space
NFTY Space is used as the payment coin for transaction fees and for minting NFTs or tokens on the NFTY chain.
NFTY Time
Users can earn NFTY Time by staking NFTY Space, which is a high-demand and low-supply coin that can be traded with other tokens in the ecosystem.
NFTY Motion
NFTY Motion is the governance token that is given to NFTY Time hodlers. The Motion coin holders have governing rights over the NFTY Portal project’s future decisions.
NFTY Verse and NFTY Chain
NFTY Verse is a safe space for NFTYnauts, animated characters representing the NFTY Coins. NFTY Verse encompasses the NFTY Chain that provides solutions to major challenges in the crypto and NFT markets.
NFTY Chain is a dynamic chain with scalable blocks, fast transaction speed, and side-chain interoperability. It is a universal chain that allows the minting of crypto coins and tokens on the NFTY Portal, and while keeping safety and security intact.
NFTY Wallet
NFTY Portal offers two types of wallets, Desktop Wallet and Web Wallet.
NFTY Desktop Wallet
Currently available for Windows devices, NFTY Desktop Wallet offers a secure and safe space to store NFTY coins, tokens and NFTs. The wallet is powered by the features such as NFT minting, staking, master nodes, IM, Token minting, and much more. Also, users can advertise directly on Twitter and other social media using the desktop wallet.
NFTY Web Wallet
NFTY Web Wallet gives users with web browser access the ability to create an online wallet and NFTY address which can be used to send and receive NFTY coins, tokens, and NFTs. The web wallet includes a browser extension that can trade and store NFTs, coins, and tokens from different platforms.
NFTY Portal started its journey with NFTY coins that allowed users to generate passive income sources and trade various cryptocurrencies, tokens, and NFTs in a single place. However, the platform has grown into a vast ecosystem with a universal chain and wallet to provide users with more ease of use and boost crypto adoption.
Thailands First Regulated ICO Portal Targets $98M Token Offering
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Binance and Paxos Partner on PAX to Fiat Exchange Portal
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NAGA Has Just Released Its New NAGA MasterCard & IBAN Portal
To mark this event NAGA offers a one-time limited offer: NAGA Card & IBAN completely FOR FREE.
This offer is active for the following 7 days only for the first 1,000 users to apply for it.
How to get your free NAGA Card?
Free NAGA IBAN + Card is available for all approved users with a real-money account. The process of ordering the NAGA Card is three-fold:
- Upgrade to Live Account on NAGA
- Visit https://card.naga.com to apply for your free NAGA Card
- Have your personal NAGA Card delivered to your address
What are the NAGA Card Benefits?
First and foremost, NAGA Card is powered by a user-friendly dashboard for simple and quick managing one’s personal finance and manage your multi-currency card and wire account. The integration with the NAGA member area allows transferring and withdrawing funds from other NAGA products.
You can easily receive your trading profits to your multi-currency card in a fast and reliable way. In its turn, the NAGA Ecosystem offers you the highest possible levels of security within the online services industry. The significant advantage of the NAGA Card, however, is that you can also fund with cryptocurrencies.
It is possible to pay for goods and services with a card as well as to withdraw cash from all Mastercard-supporting ATMs, all over the world. You can use your card and pay securely wherever MasterCard® is accepted.
What are the benefits of the NAGA Card Portal?
- Easy to navigate dashboard to manage your multi-currency card and wire account.
- ATM cash withdrawals all over the world.
- Industry-leading security & secure online payments.
- Simplified verification process.
- Ability to directly transact (withdraw or deposit) with your NT account.
- Online management of your funds via a single login at your MY NAGA member area.
- You can easily receive your trading profits to your multi-currency card in a fast and reliable way.
- The NAGA Ecosystem offers you the highest possible levels of security within the online services industry.
- You can use your card and pay securely wherever MasterCard® is accepted.
Learn more about the NAGA Card on https://naga.com/card/
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