TL;DR
Portal to Bitcoin raised $25 million and activated its new atomic OTC desk focused on institutional flows — a move designed to position Bitcoin again as the settlement layer for large global transactions, without unnecessary intermediaries.
The round was led by JTSA Global, with existing backers such as Coinbase Ventures, OKX Ventures and Arrington Capital joining in. But the key development is that Portal to Bitcoin launched its OTC desk built on HTLC contracts, enabling instant cross-chain settlement without requiring custodians, bridges or wrapped tokens.
$25M raised + OTC desk launch
???!!! …
Get all the details from @Cointelegraph
pic.twitter.com/9O0w6dunkb
— Portal (@PortaltoBitcoin) December 4, 2025
The new service — essentially an institutional-grade version of atomic swaps like those used in THORChain or Chainflip — targets real liquidity for whales and institutions: native BTC for native assets on other blockchains, executed through Taproot + HTLC contracts, with guaranteed fund return if anything goes wrong. No wrapped assets, no third parties; only native, verifiable assets.
Technically, it runs on its own Layer 3, BitScaler — reminiscent of the Lightning model — which opens channels in a hub-and-spoke structure. At the center sits a federation of validators (“Portal Guardians”); at the edges, liquidity providers. Transactions execute through HTLCs, ensuring that either both sides complete or funds return to their origin. If there is an error or expiration, no one loses money.
Portal to Bitcoin distinguishes itself from THORChain or Chainflip, which rely on custodial vaults and depend on validator honesty. Here, the goal is to minimize trust assumptions: validators only match orders, they do not manage funds.
The system uses a Notary Chain built on EVMOS. Today the validator set is permissioned, but the plan is to open it through staking auctions using the PBT token. The network aims for up to 150 validators, seeking real decentralization without compromising security. Validators do not control pools or vaults: their tasks are matching, accounting, cross-chain contract execution and, later, operating an AMM once the system migrates from an order book.
Of course, no system is immune. While validators cannot steal funds, they could censor swaps, distort prices, halt liquidity or disable services if they act maliciously or go offline. Portal to Bitcoin aims to minimize risk, but oversight will remain essential.
Portal to Bitcoin is positioning itself as a new bridge for institutions that want to operate with real BTC in a global market, without relying on custodians, bridges or synthetic tokens. If the model scales as promised, it could reshape how large transactions are executed in the crypto market
