We as people, just like you, understand how frustrating it is to deal with the current financial system – The unnecessary steps to send money to a loved one using a bank, the long documents for insurance, the hassle to buy and sell securities, the time to buy a burrito online, and so on.
With the evolution of almost every industry as a result of technology, we realised the financial system was lagging far behind. It has not evolved in centuries. In recent times, Fin-tech gave us a glimpse of what could be. But it was a massive compromise built on legacy systems. With the advent of blockchain technology and smart contracts, came a new way of conducting financial activity — DeFi or Decentralised Finance. DeFi is completely independent of these legacy systems and offers everything they offer, with simplicity, security and direct access. It shows importance to hard-coded protocols, rather than middlemen. Think of DeFi as a completely new financial system, yet connected to the real world. DeFi is what we’re trying to bring to the masses. Currently at its infancy, we see ourselves and many other projects in the field make it accessible for all of us.
We’re trying to bank the unbanked and unbank the banked.
Port is a human-less digital bank that lets you access the entire financial system without having to deal with any middlemen, in seconds. Everything from depositing cash and buying stocks to borrowing money and getting insurance. Every element in the financial system, now accessible with an account as simple as Email.
Let’s look at a bunch of features:
- Deposit and Withdraw — Currently depositing and withdrawing assets into monetary accounts take place via traditional commercial banks and remittance networks. With a fully decentralised bank like Port, you’ll be able to deposit and withdraw your assets in the following ways:
- Port “Cash Box” (ATM) — For cash.
- Peer-to-peer “Teller Network” — For cash, crypto, goods, etc.
- Exchange — For cash and crypto.
- Tokenisation — For cash, real estate, commodities, goods, etc.
2. Lend and Borrow — Currently peer-to-peer lending is the closest thing to what lending and borrowing would look like on Port. Although P2P lending, in its current state, has 2 core limitations —Jurisdiction and Liquidity. With Port, anyone would be able to lend and borrow money via decentralised protocols and lending pools at terms they wish. To the end user (i.e. You), borrowing and lending money will be as simple as clicking a few buttons and filling a few text boxes with terms like amount, interest rate, time period, etc.
3. Insurance — Imagine being able to insure absolutely anything from the comfort of your home, without having to fill out painfully long documents. Port makes this a reality. You’ll be able to ensure anything inside the confines of this universe, from your car to your health to your business. Anything the entails risk can now be insured anywhere in the world, with just one insurer to deal with, Port.
4. Universal Exchange — Port can also be looked at as a “universal exchange”. What’s a universal exchange? An exchange that enables 2 or more parties exchange any asset for any other asset. What makes Port universal is the ability of being able to trade between assets of different properties. For example,
- Sell 100 dollars for 1 Ether
- Buy 4000 Rupees for 2 hours of work
- Buy 2 acres of land in Zuug, Switzerland for 40,000 Apple stock.
5. Universal Depository — Port is the first ever monetary account that enables anyone to store assets of any kind, from real estate and stocks to cryptocurrencies and commodities. Every asset (Apart from cryptocurrencies) are stored in the form of security tokens. Security tokens act as shares or digital certificates that prove ownership of a specific real world asset. i.e., you can securely store an asset after getting it tokenised by us or any other approved custodian who offers tokenisation services. Tokenised assets entail legally binding agreements and contracts that can be presented to necessary authorities in any jurisdiction in the case of a dispute between the owner of said asset and the custodian.
6. Non-Custodial — All assets held on Port are not controlled, owned or even managed by Port or Variable Labs (Creator of Port). All your assets are maintained in your address on the blockchain those assets are recorded on.
7. Blockchain Agnostic — Although, currently limited to the Ethereum Blockchain, we’re developing Port to be accessible via multiple blockchains — from storing assets to maintaining different functionality of Port on platforms that seem right for said functionality.