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NEAR founder says centralized exchanges are gradually losing their role

2026-10-08 20:15:47
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On-chain tools are closing the gap with centralized exchanges

Illia Polosukhin, co-founder of NEAR Protocol, sharply criticized centralized exchanges at the 2026 Digital Assets Summit held in Singapore. He told the media that with near(.) com continues to expand its on-chain capabilities, and users no longer need to rely on centralized exchanges for "large amounts" of cryptocurrency activities.

Polosukhin illustrates this point through personal experience: Although he knew the CEO of a centralized exchange, one of his own accounts was deleted by the platform. "When you log in, the system tells you that the account does not exist," he said.

near(.) com integrates spot trading, tokenized stocks, income products and perpetual contracts across different chains into a single interface. Polosukhin described the platform as "taking shape" and noted that it has a "huge roadmap for subsequent development." Currently, the platform is working to improve functions such as bank withdrawals, transaction record generation for tax declarations, and selective disclosure of confidential transactions.

Privacy protection is also a core priority for the platform. Much of NEAR Intention's infrastructure has been migrated to Confidential Shards, allowing trading activities to remain private while users can reveal individual transaction records in specific circumstances as needed.

Fiat integration, tokenized stocks and AI agents

In addition to trading between crypto assets, Polosukhin outlines a broader vision. near(.) com is working with Monerium to support the exchange between euros and euro stablecoin EURe in traditional bank accounts. In the long term, the goal is to swap any asset through NEAR Intention.

Currently, tokenized stocks have been launched on the platform. In September this year, the platform introduced tokenized stocks through a partnership with Ondo Finance and plans to add more globally traded stock targets. The first batch of assets launched include stock exposure in Tesla, Nvidia and Apple, as well as exchange-traded funds (ETFs) such as QQQ. Users can make purchases using USDC, Bitcoin or other assets supported on more than 30 blockchain networks, all through a single account.

Polosukhin also emphasized that artificial intelligence will become an emerging force in the chain market. He once proposed that "users of blockchain will be AI agents", with artificial intelligence handling front-end interactions, and blockchain serving as back-end support. This concept will be near(.) com is positioned not just as a trading platform, but also as part of the infrastructure of the future-in which automated agents will handle on-chain activities on behalf of users.

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