Category: Forex News

Ordibank Integrates with Portal DeFi for Bitcoin-Based Lending and Borrowing Through Trustless Cross-Chain Swaps

Integration Unlocks $ORBK and $CBTC Swap Opportunities for Ordibank Customers

BRITISH VIRGIN ISLANDS, March 19, 2024–(BUSINESS WIRE)–Ordibank, a groundbreaking borrowing and lending platform for Bitcoin layer-one crypto assets, today announced a new integration with Portal DeFi, a fintech provider advancing financial self-sovereignty with robust technology for seamless access to Bitcoin and diverse cryptocurrency markets. Portal is the first trust-minimized, cross-chain swaps that involve no bridges, custody, or wrapping. This will unlock custodian-less cross-chain swap functionality for Ordibank, bringing with it fresh inbound liquidity and transaction volume via non-Bitcoin chains into Ordibank’s Bitcoin-based money market platform.

$ORBK, Ordibank’s native Bitcoin ERC-20 token, will be available in the Portal DEX Network, while the Portal Swap SDK will be integrated into Ordibank’s protocol and interface to allow users one-click, cross-chain deposit, and borrowing of non-Bitcoin assets – beyond BRC-20s and Atomicals Ordibank supports today – extending access to Ordibank via ETH and ERC-20s, Eth layer 2 assets, and more.

Ordibank recently raised over $8 million and touts the largest oversubscribed IDO in ApeTerminal history. Prominent investors backing Ordibank include Morningstar Ventures, Genblock Capital, Monday Capital, Digits DAO, BasementDAO, In Square Ventures, Ordiswap, AlfaDAO, Alpha Horizon Capital, Pleb Capital, Momentum 6, and Foundinals Labs.

“The BTCFi space has exploded, but it’s just getting started,” said Luffy, pseudonymous founder of Ordibank. “As the popularity of Bitcoin-based digital assets has grown exponentially over the past year, much of it is siloed from the rest of DeFi. The integration with Portal will extend the capabilities of our lending and borrowing to different chains without any of the complications associated with bridges. Compound-style finance built on Bitcoin with trustless cross-chain interoperability will open the floodgates for new entrants, bringing high transactional value into BitcoinFi.”

One of Ordibank’s core products, CBTC, enables receiving and locking users’ native $BTC and results in the minting of $CBTC, a 1:1 Bitcoin-pegged synthetic asset used within Ordibank’s ecosystem. It acts as a critical bridge between the native Bitcoin environment and Ordibank’s money market infrastructure. With the integration of Portal’s atomic swaps cross-chain technology, CBTC tokens are no longer confined inside Ordibank but now scale to be traded against any other asset within the Portal DEX Network. This also means that CBTC is purchasable outside of Ordibank’s ecosystem in any app or marketplace powered by Portal Swaps.

Portal’s Atomic Swaps technology allows users to easily exchange assets between the Bitcoin network and compatible chains. Following integration, traders can effortlessly buy and exchange $ORBK and other native Bitcoin assets for digital assets on different chains via a single click on the Portal DEX, eliminating the complexities and expenses associated with utilizing bridges for cross-chain asset transfers.

“We’re thrilled Ordibank will be using Portal’s technology to offer users enhanced liquidity and a simple way to access the first robust money market built on Bitcoin,” said Chandra Duggirala, co-founder and CEO of Portal. “Given the extensive array of options accessible across multiple platforms, users can diversify their portfolios and seamlessly tap into various DeFi opportunities, all without the need to rely on trusted third parties.”

Apps and marketplaces throughout the crypto space that utilize the Portal Swap SDK, such as wallets, bridges, and DEXs, will also offer the same one-click, cross-chain buy/sell functionality to users, making $ORBK and $CBTC available everywhere Portal is used.

About Portal DeFi

Portal is a fintech provider advancing financial self-sovereignty with robust technology for seamless access to Bitcoin and diverse cryptocurrency markets. A builder of the foundational pieces of technology required for a trustless and inclusive economy, Portal offers an advanced technological infrastructure, improved systems for coordination and easy-to-use tools previously only available to large institutions and hedge funds. Portal enables individual investors to exchange digital assets across blockchain networks with greater efficiency and speed, lower costs, increased transparency and enhanced security and privacy. A pioneer and an advocate for free and unfettered markets, Portal was founded in 2019 and is based in the San Francisco Bay Area. Portal is backed by Coinbase Ventures, Arrington Capital, OKX Ventures, Gate.io and many other prominent fintech/crypto investors. For more information, visit https://portaldefi.com.

About Ordibank

Ordibank is the first open lending and borrowing money market built on Bitcoin. It is not just a protocol; it’s a pioneering solution on Bitcoin L1, bringing the power of Compound Finance to the Bitcoin network. With a focus on asset support, competitive pricing, and user benefits, Ordibank is poised to redefine the money market for Atomicals and BRC-20 standards. For more information, visit https://ordibank.org.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240318553532/en/

Contacts

Media Contact:
portal@gasthalter.com


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