Portal to Bitcoin (formerly known as Portal), a Bitcoin-based decentralized exchange and liquidity services provider, has announced new DeFi integrations with Bitlayer, a Bitcoin layer-2 network, Sovryn, a Bitcoin-based lending protocol, and Tari, a layer-1 blockchain network.

The integrations will enable the protocol to provide many new capabilities for its users ahead of the upcoming launch of its testnet. These include 1) improved transaction speeds and privacy via the integration with Bitlayer, 2) BTC-backed stablecoin trading features via Sovryn, and 3) digital asset tokenization and exchange using Bitcoin as the settlement layer via Tari.

Analyst QuickTake: The Bitcoin DeFi space has seen a steady increase in disruptor activity and funding throughout 2024. This news comes just six months after Portal to Bitcoin raised USD 34 million in seed funding, and less than a week after Bitlayer raised USD 11 million in Series A funding. While investor interest has grown, many companies have strengthened their positions through inter-ecosystem partnerships, with players such as Velar ( May ) and iZUMI Finance ( July ) collaborating with Bitcoin layer-2 networks to expand their Bitcoin-based DeFi solutions.