Portal, a startup building a Bitcoin-based cross-chain decentralized exchange and wallet, has raised $34 million in a seed funding round. Investors in the round included Coinbase Ventures, Arrington Capital, OKX Ventures, and Gate.io Ventures, Portal said Tuesday.

The seed round was structured as a combination of a simple agreement for future equity (SAFE) and convertible notes, all of which have been fully converted into equity, Portal co-founder and CEO Chandra Duggirala told The Block in an interview. There is no debt component in the round, Duggirala noted, declining to comment on valuation.

At $34 million, Portal's seed round surpasses the typical size for a seed round. Duggirala said it was oversubscribed by more than two times due to increased interest in the growth of the …