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NEAR Protocol Co-Founder Says On-Chain Technology Is Reducing Need for Centralized Exchanges

BullishMedium impact
NEARUSD$4.88 9.18%

On-chain technology developments are decreasing the need for investors to rely on centralized cryptocurrency exchanges. Speaking at a conference in Singapore on Oct. 7, 2026, NEAR Protocol (COINBASE:NEARUSD) co-founder Illia Polosukhin stated that scaling on-chain tools now allow users to bypass traditional exchanges for many types of digital asset activities. Amid these developments, the NEAR token rose 6.85% today to trade at 5.414 USD.

To support this shift, NEAR is expanding the financial services offered on its platform, Near.com. The platform currently supports trading for perpetual futures, tokenized stocks, and yield-generating products. To make decentralized platforms more practical for everyday investors, the platform is working on features such as direct bank-account withdrawals, selective disclosure options for private trading data, and transaction records designed for tax reporting.

Looking forward, NEAR is focusing on deeper integration with traditional fiat currencies. The platform is partnering with Monerium to enable conversions between traditional euro bank accounts and the euro-denominated stablecoin EURe. Over the long term, NEAR aims to utilize its NEAR Intents feature to support seamless swaps between any two assets.

Key points

  • NEAR Protocol co-founder Illia Polosukhin stated that scaling on-chain tools are reducing the need for centralized crypto exchanges.
  • The platform is developing features like bank-account withdrawals, tax-filing transaction records, and selective data disclosure.
  • NEAR is partnering with Monerium to support direct conversions between traditional bank euros and the EURe stablecoin.
  • The long-term goal for the platform is to allow users to swap any asset using NEAR Intents.

Written by our AI from expert market sources across the web. It can contain mistakes: check the facts before acting on them. Write-ups powered by the free AI API at FreeTheAI.org

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Questions and answers

How is NEAR Protocol reducing reliance on centralized exchanges?

NEAR Protocol is scaling its on-chain tools to allow users to perform activities directly on the blockchain, bypassing the need for centralized platforms.

What new financial features is Near.com developing?

The platform is working on bank-account withdrawals, transaction records for tax filing, and selective disclosure features for private trading details.

How is NEAR integrating traditional fiat currencies?

NEAR is collaborating with Monerium to allow conversions between euros in traditional bank accounts and the euro-denominated stablecoin EURe.