Coin/Token availaility - On/Off Ramps

[Camora]

Hi,

I’ve been thinking about the fiat on-off ramps and the transfer time of coins.
For example, if I buy BTC through a supported bank, will I be able to use it immediately (like Coinbase) or will I actually have to wait for the transfer to my wallet and the confirmations until I can trade?

[CryptoUK1 (Matt)]

You will have to wait for the BTC or ETH to be deposited into your wallet.

Fiat Gateways on Nash

How long is the process from pressing the purchase button to actually receiving BTC in the wallet? Considering Nash is non-custodial will BTC be sent through the blockchain or will state channel protocols be utilized?

Sent through the blockchain, so depending on the method of payment is payment confirmation time + 6 BTC blocks (1h). So for example if a user uses ACH on a connected account on US provider that should amount be close to 1h.

[Camora]

Thanks for the information!

I think it would be a big advantage for the UX if Nash could introduce the possibility that coins purchased from the banking partner would be directly available.
This is just an idea, of course I don’t know how it is built into the current version of MVP from Exchange.
One could handle it in a way, that when buying ETH for example, the tokens are sent directly into the SmartContract of the Exchange (which is used for trading) and the user gets the possibility to trade them directly.
The contract would then get the tokens after a certain period of time, but the user could already execute his trades in that time, which would significantly improve the UX. For this the SmartContract would of course need a high liquidity to guarantee this.
Similar to Coinbase, where the ETH are immediately available for credit card payments, although Coinbase only receives the money after several working days.
It would be interesting to hear from the team if it is currently implemented in such a way that the transaction time has to be waited out.
@canesin

[CryptoUK1 (Matt)]

I was thinking that in future when Nash have the licenses to hold our fiat etc, buying directly through them would solve the problem. But because Nash is a non-custodial exchange, I’m not sure there’s any way around there being some delay when transferring from one wallet to another, especially for BTC.