Enabling one-click, cross-chain trading of assets, Flash Protocol’s native Bitcoin assets will be available on the Portal DEX Network, while the Portal Swap SDK will be integrated into Flash Protocol.
SAN FRANCISCO, Feb. 29, 2024 /PRNewswire-PRWeb/ — Flash Protocol, the premier platform for minting, trading and earning Bitcoin native assets, today announced a new integration with Portal, the first trust-minimized, cross-chain swaps that involve no bridges, custody or wrapping. Flash Protocol’s native Bitcoin assets will be available on the Portal DEX Network, while the Portal Swap SDK will be integrated into Flash Protocol to allow users one-click, cross-chain trading of assets.
“Simpler technology always leads to greater adoption, which is why we are excited about this new integration that will encourage more people to seek DeFi investment opportunities,” said Hally Fin, co-founder and CEO of Flash Protocol. “As Bitcoin-based digital assets have grown exponentially in popularity over the past year, this integration will make native Bitcoin assets available on different chains without any of the complications associated with bridges. This will lower the barrier of entry into BitcoinFi and further enhance the value proposition of developing applications on Bitcoin.”
In early 2023, the invention of the Ordinals protocol and the BRC-20 token standard paved the way for issuing and transferring assets on the Bitcoin network. Soon after, Lightning Labs released the Taproot Assets protocol last October, which allows digital assets to be issued and transferred instantly, at low cost and more privately over the Lightning Network.
Flash Protocol allows users to issue Taproot assets (fungible tokens) and Taproot NFTs on the Bitcoin Network. The Flash ecosystem also offers the services of BTC Angel Hub, a Gitcoin-like platform to support Taproot ecosystem projects, and a marketplace designed specifically for enhancing asset liquidity. FlashVM, a computational engine built on Flash Chain, enables BTCFi functionalities in the Bitcoin ecosystem such as lending and staking. Through its integration with Portal, Flash Protocol’s native token $FLASH will be supported by the Portal DEX Network. Other Bitcoin-based fungible assets and NFTs supported by Flash Protocol will also be integrated into the Portal DEX Network.
Portal’s Atomic Swaps technology empowers smooth transitions between assets on the Bitcoin network and other supported chains. Post-integration, traders will be able to purchase and trade $FLASH and other native Bitcoin assets against digital assets on other chains on the Portal DEX through a single click, bypassing all complexities and costs involved in using bridges to transfer assets between chains.
“We’re thrilled Flash Protocol will be using Portal’s technology to offer users enhanced liquidity and a simple way to access a wide selection of native Bitcoin assets, all without custody risk,” said Chandra Duggirala, co-founder and CEO of Portal. “With such a wide range of choices available over multiple platforms, users will be able to diversify their portfolio and access various DeFi opportunities in a seamless manner, without depending on trusted third parties.”
The Flash Protocol Marketplace and the BTC Angel Hub, the cornerstones of the Flash ecosystem, will soon integrate the Portal Swap SDK into their website and their wallet.
This integration will provide users the flexibility of buying and selling $FLASH tokens, native Bitcoin fungible tokens and NFTs, and the Flash launchpad’s graduated tokens through a single click across different chains.
Other partner projects of Portal that have integrated the Portal Swap SDK, such as wallets, bridges and other protocols, will also offer the same one-click, cross-chain buy/sell functionality to users. Furthermore, Flash Protocol will support liquidity pools of $FLASH and tokens of projects hosted on the Flash launchpad in Portal’s cross-chain AMM.
About Portal
PortalDeFi.com, established by seasoned Bitcoin and AI engineers, is committed to promoting financial self-sovereignty. The Portal DEX Network utilizes atomic swaps technology to be the first-and-only noncustodial cross-chain liquidity solution for safe, one-click trades of native BTC and Bitcoin-based tokens against native tokens on other EVM chains. Built on Bitcoin, it rivals the efficiency of centralized exchanges while removing the risks of bridges, wrappers, and CEXs. A pioneer and an advocate for free and unfettered markets, Portal was founded in 2019 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 Flash Protocol
Flash Protocol is a decentralized protocol that allows users to issue assets (Taproot Assets) and Taproot NFT on Bitcoin. FlashVM, a computational engine built on Flash Chain, is designed for smart contract-like functionalities for Bitcoin. Flash Protocol enables issuance and trading of Bitcoin native assets on the Bitcoin blockchain, all while ensuring a smooth, congestion-free mainnet, while FlashVM enables BTCFi functionalities such as staking, swaps and lending for Bitcoin native assets. For more information, visit https://flashprotocol.xyz.
Media Contact
Michael Tebo, Gabriel Marketing Group, 571-835-8775, michaelt@gabrielmarketing.com
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SOURCE Flash Protocol
