Calgary-based Portals, a platform focused on simplifying Web3 and enabling anyone to complete complex decentralized finance (DeFi) actions with ease, has successfully closed a $2 million seed funding round. Led by Lightshift Capital, other notable investors included Poolside, Basement Labs, LongHash Ventures, and Daedalus Angels, among others.
Portals’ unique value proposition in the DeFi market has attracted substantial investments and interest from its backers. Simão Cruz, Founding Partner at Lightshift, emphasized the importance of Portals’ focus on simplification for retail investors in the adoption of the new financial paradigm. By removing the complexities of holding various tokens, using different venues or chains, Portals allows users to execute their transactions effortlessly with a single click.
On one hand, this funding round puts Portals in a strong position to continue streamlining and improving the DeFi experience, making it more accessible to a broader audience. Portals offers bundling of complex, multi-step actions in just one click, including swapping interest-bearing, liquidity pool, vault, and other exotic assets. Furthermore, it allows staking to earn yield through over 20,000 supported opportunities, with new ones frequently added, as well as access to Web3 data through its API.
On the other hand, the rapid growth and development of the DeFi ecosystem could raise questions about the scalability of Portals’ solutions. As more protocols and platforms enter the market, maintaining seamless integration might become more challenging.
However, Portals’ API has been built with expertise and understanding, designed to be as seamless as possible for developers at any level. Lightshift has also contributed its engineering teams to create an API integration boilerplate for effortless integration.
Nabi Ozberkman, co-founder and CTO of Portals, expressed excitement over the support from investors and highlighted the importance of their backing in enhancing performance, boosting functionality, and driving DeFi adoption. The funding will also help in product development, team expansion, and making DeFi more accessible to everyone.
Portals’ potential doesn’t go unnoticed. Brian Fakhoury, Partner at Mechanism Capital, emphasized the potential he sees in Suhail Gangji, co-founder of Portals and former Zapper co-founder. He believes that Portals will prove invaluable as DeFi adoption continues to surge.
In conclusion, despite some potential challenges concerning scalability within the fast-growing DeFi ecosystem, Portals has garnered significant support from investors and industry experts. Through simplification and ease of use, the platform aims to play a crucial role in the mass adoption of DeFi.