- Portal enables fast and seamless transactions while maintaining the robust security of Bitcoin.
- Kraken CEO states centralized/regulated custodian cannot protect users from authorities.
- Portal is a non-custodial and decentralized platform.
Non-custodial decentralized platform Portal takes the lead in providing all its users in the blockchain to freely transact without censorship. It also allows the provable execution of cross-chain contracts to layers 2 and 3. As a result, it enables fast and seamless transactions while maintaining the robust security of Bitcoin and other crypto-assets.
Furthermore, the platform’s non-custodial and decentralized technology makes it resistant to the possible regulations imposed by global institutions. For example, in the past weeks, the Freedom Convoy Protests resulted in Canadian authorities issuing a temporary law that extended to freezing the bank accounts of the truckers in the protest.
Ethereum founder Vitalik Buterin said,
If the truckers are blocking the roads and that’s breaking the economy, fine, blocking the roads is illegal,” explained Buterin, at a recent industry conference. “But if the government is not willing to follow the laws…and they just want to talk to the banks and basically cut out people’s financial livelihoods without due process, that is an example of the sort of thing that decentralized technology is there to make more difficult.
In response, the truckers turn into crypto assets which are not regulated by banks and other financial institutions in the country. However, some analysts said that sooner or later the authorities would come up with a law that will force even centralized crypto exchanges to comply.
This made Jesse Powell—CEO and cofounder of Kraken react in a tweet stating that even centralized exchanges could not protect their users from the regulations set by the authorities globally.
100% yes it has/will happen and 100% yes, we will be forced to comply. If you’re worried about it, don’t keep your funds with any centralized/regulated custodian. We cannot protect you. Get your coins/cash out and only trade p2p.
Therefore, this is the part where non-custodial and decentralized platforms such as Portal take in. These exchanges are some of the best options for users who prefer to store and transact their crypto assets in a decentralized way.