Coinbase-Backed Portal Confirms Republic Equity Offering
- The Coinbase-backed firm Portal has confirmed its Reg D equity offering through Republic
- The public sale began on Monday, July 18th
A Layer-2 decentralized exchange (DEX) network being built on Bitcoin, Portal, which is backed by one of the biggest exchanges in the world, Coinbase, has confirmed its Reg D equity offering via Republic, a multi-asset investment platform that allows vetted, private startups to raise funding.
Back in 2021, Portal raised $8.5 million from Coinbase Ventures to bring Bitcoin-based products to the entire world.
According to a press release, Portal aims to utilize the “capabilities of Bitcoin to lay a more robust foundation for self-sovereign finance.” The firm has decided to go public to allow investors to share a part of the company’s profits.
“The signal remains strong in the storm — Bitcoin remains the most likely candidate upon which the future of financial infrastructure will be built. As Bitcoin’s metrics continue to achieve all-time highs, Portal is eager to bring on this new round of investors in pursuit of advancing Bitcoin-based infrastructure and the continued decentralization of traditional financial services,”said Portal CEO Eric Martindale.
On the other hand, Republic claims that their vetting process only approves 3% of startups to raise funds on the platform due to customer security. Portal claims that with the Reg D offering, people will get a chance to invest in an “ambitious” crypto startup.
The firm aims to launch the testnet in the coming weeks and will deploy a full-fledged, censorship-resistant DeFi ecosystem on top of the Bitcoin network.
Interestingly, investors from around the world and the United States can participate in the funding of the firm and can do the same via fiat or cryptocurrencies like BTC, USDT, USDC or ETH.
While Coinbase-backed firms are doing well, the exchange itself seems to be going through a rough patch as recently, there were rumors of insolvency floating around the crypto Twitter. While the exchange did not confirm the rumors, Binance took the lead to become the exchange with the largest BTC balance in the world.
The firm has seen losses in the first quarter of 2022 and since then, it has laid off 18% of its employees as well. It seems that the Brian Armstrong-founded firm might have some trouble traversing through the current crypto winter.
Recently, the exchange was approved to operate in Italy but the first mover advantage was enjoyed by the world’s biggest cryptocurrency exchange by trading volume, Binance.