Cryptocurrency exchange ShapeShift has caused Israeli not-custodial wallet provider Portis.

Founded in 2022, Portis is a non-custodial software wallet that was first integrated into ShapeShift final November as part of the substitution'southward pursuit of self-custody solutions that don't crave traders to use a hardware wallet.

Speaking to Cointelegraph on April 15, ShapeShift founder Erik Vorhees revealed that following the acquisition, ShapeShift users volition have integrated access to multiple decentralized finance (DeFi) applications and services. Meanwhile, Portis users will exist able to log in with their Portis wallet and trade cryptocurrencies on ShapeSift commission-free.

Migrating "abroad from fiat and banks altogether"

Portis co-founder Scott Gralnick told Cointelegraph that, back when Portis first launched, Metamask had been the only non-custodial solution in the ecosystem. "Creating something and simply relying on Metamask, with the multiple steps information technology took to gear up upwardly, was unacceptable. The idea backside Portis was to build something anyone could use," he said.

Offer a self-custody solution was "non-negotiable," Gralnick said, yet its construction required a tricky balancing human action betwixt security and useability.

At a fourth dimension when the COVID-19 pandemic has exposed the volatility and fault lines in the global economical club, Gralnick pointed to Portis and ShapeShift's shared commitment to paving the mode for the creation of a borderless financial organisation founded on open, decentralized protocols:

"It's a big goal and information technology won't happen overnight," he said, though the development of such solutions at ShapeShift is "certainly moving the needle in the right management." Cocky-custody, in his view, is cardinal.

Reflecting on what the current conjuncture'due south political, economic and civic challenges could mean for the digital economic system and the blockchain sector in particular, Vorhees noted:

"The key banks of the world have demonstrated that the economic system built around them can but exist supported by printing money. This volition feel good in the short term, like a dopamine rush, but in the long term could lead to the decline of fiat currency. Cryptocurrency, explicitly designed to foreclose debasement, stands ready to help the earth migrate away from fiat and banks altogether."

Making non-custodial services more competitive

Equally reported, ShapeShift has been working towards supporting new features such as debit menu purchases of crypto and more broadly, tackling some of the cost and liquidity disadvantages typically associated with non-custodial platforms.

To this finish, the exchange recently released an ERC-20 loyalty token, FOX, that enables traders to merchandise on the platform at zip commission.