Our new strategy and roadmap

Since our founding in 2017, Nash’s mission has been to make it easy for everyone to trade, pay and invest in cryptocurrencies. In this time we have achieved many firsts in our industry: working with the FMA to issue the first regulated European security token (NEX), building the first non-custodial Bitcoin exchange mediated by interactions with HTLCs, and developing protocols that allow our web and mobile wallets to leverage multi-party computation to better secure user funds – among other achievements.

While we are proud of our technological and regulatory work, finding product-market fit has been harder for Nash. Our exchange is growing, but not as fast as we had hoped. We have tough competitors and are sometimes at a disadvantage. Fully decentralized exchanges ignore KYC restrictions, more easily acquiring users and liquidity, while centralized exchanges benefit from simpler architectures that allow them to efficiently bootstrap markets and list new assets.

Looking into the future with clear eyes is essential when running a startup, and it has become apparent to us that we must chart a different path from most exchanges.

Going forward, Nash will focus on providing the best gateway for retail users to invest in crypto, while expanding into digital banking offerings that seamlessly integrate DeFi services.

This decision is driven by patterns we have observed in our metrics, and our confidence in the advantages our fiat ramp and wallet products can offer over competitors. Although our fiat ramps only supported USDC purchases until late January, they have seen 20% month-on-month user growth since they launched in September last year. With the coming release of instant purchases throughout most of Europe, new marketing campaigns and support for many new cryptocurrencies, we expect to see this growth rate accelerate significantly. Market-leading prices, fees as low as 0%, instant delivery of assets and MPC-secured wallets will give Nash a strong competitive advantage.

The crypto market as a whole is now worth more than $1 trillion and expected to grow dramatically. We aim to take a big chunk of this market, creating new revenue streams for NEX holders and driving volume to our existing exchange.

So, what does this mean for Nash products?

  • We have already begun to simplify our offerings to provide customers with the tools they need to invest in cryptocurrency. We will develop many new features exclusively on our mobile application.

  • We will offer support for trading a much larger set of cryptocurrencies to and from cash at spot prices, targeting at least ten new assets by the end of 2021. These assets can be bought and sold with national currencies directly from user wallets using our existing fiat ramps, making them much easier to list.

  • Nash will offer digital banking services. We will strive to make interactions with the traditional financial world easier by incorporating direct banking services into our mobile application, such as national currency checking accounts, high-yield savings accounts powered by DeFi and debit cards that interact with digital assets.

  • The new revenue streams that we create via fiat ramps and banking services will flow directly to NEX stakers as USDC, in addition to dividends from our exchange matching engine fees.

  • Our existing exchange plays an important function in enabling low fees for fiat ramps and Nash Link. We will increase liquidity for major pairs while targeting professional traders incentivised by NEX staking rewards, low fees and advanced security.

We’ve prepared a blog article outlining our new strategy in more detail and providing a roadmap of the features and products we aim to ship in 2021.

Read it here.

The first marketing campaigns for our new strategy will begin this Q1.

We hope the Nash Community is as excited as we are about the opportunities ahead.

Ethan Fast and Fabian Wahle
Co-CEOs, Nash

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Suggest everyone to read the full blog post / roadmap!!!

I love the new direction!

“When all these products and services become available, customers will have the option of switching to Nash as their sole banking provider. Our savings account will offer superior interest rates to traditional banks – and there will be no easier way to access crypto investments at the best prices.” …Whoa!

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Awesome guys ! So glad to be part of this ! :trophy:

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Nash’s technology, regulatory position and business model give us a competitive advantage in catering to this market.

I’ve seen a lot of naysayers highlight regulatory compliance as a deterrent to acquiring volume growth. This blog completely derails that argument. Bullish.

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Strategy is on point. Was reading it thinking yes, yes, yes!

Hats off to everyone at Nash :heart:

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Will NEX stakers get up to 75% of the revenues from fiat ramps?
Will Bitcoin/Etheruem/NEO fiat pairs remain at 0% fees?
Is the level 2 exchange (ME) being phased out (if not, is it possible that we will see new blockchains integrated sometime in the future?)
Please do not limit your market to Europe for too long. I know many Canadians looking for a old-world-integrated, trusted, and user-friendly fiat ramp provider.

YES

Also - any strategy for improving NEX tokenomics?

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Great news, I hope Nash moves fast and get fiat onramps operational especially in all the 1st world countries like Australia where laws are crypto friendly, there is no time to waste and still a window of opportunity to take a big share of the market if done right, I believe the team can do it as they already did impressive things in the past.

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The future is bright, I love the new direction and it looks great for the future of Nash. Can’t wait to see it all play out!

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Revolut offer a service for 10$ per month where the user can become a premium user and have a silver or gold card. Perhaps Nash can offer something similar to those who have staked a certain amount of NEX for 24months?

@Kellogg

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Thank you for your honesty as well! Would have love to see it grow faster but you made valid points… I think the vision is great and I’m excited as ever for the future. I’m confident in Nash and all of the team to make this work the way it should! You can bet I’ll stake my $NEX for all to come! :blue_heart: :wen:

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Great strategy! Do you guys planning to hire more developers so the products would come in time and even faster ?

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  1. You mentioned using WalletConnect for bringing more Coins to the Nash Mobil App. Will these coins also available to IOS Users?
    (WalletConnect was not yet available on iOS owing to restrictions on the Apple App Store.)
  2. How much will the fees be for buying these coins through the MPC-powered wallets?
  3. Are you planning to integrate these new blockchains also at the existing Layer-2 exchange in the long term?
  4. How will the revenue generated from “wallet-only” fiat markets and banking services be split with the NEX stakers? Does this happen in the same way as exchange revenues, means 75% over a 2 years staking period?
  5. Does the team still pan to implement Nash Link on Layer-2 or will this be postponed according to the new strategy?
  6. Our existing exchange has an important function in enabling low fees for fiat ramps and Nash Link. We will increase liquidity for major pairs while targeting professional traders incentivised by NEX staking rewards, low fees and advanced security.

How does the incentive look like specifically for attracting these professional traders and and who can participate?

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@nikolakr @bombero Does crypto.com offer traditional banking services f.e. checking accounts? Combining traditional banking services with non-custodial DeFi could be a game changer… One-stop shop for mobile banking. The only things I miss in the strategy are further advancements for traders i.e. margin trading and combined limit orders.

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I am not to be honest interested in tokeonomics, if the volume reaches about 5 million per day without a trading competition, this would attract more long term investors interested in dividends and the price would go above 1.20 USD. I know its difficlut to watch how 50 - 60k USD investment is at 80% or even less and investing the same amount in Elrond Gold 1 month ago, would make you almost a millionaire, but this is the time community steps together and do something or at least helping with suggestions. I will update the community on my Quora status of daily views in about 2 weeks, but would also ask somebody who has a good repo on Reddit to guide the new users wishing to get into crypto about nash.io benefits.
Just please avoid bad language and give nash 6 months more to see the outcome. You can revaluate your decision wheather to stay into nash in September.

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These are very important questions. I would also ask what is the fee from trading from MPC wallets? When L2 is used we know that the fee is from 0.03 to 0.25 with the most common fee being close to 0.25%. What would be the average fee when trading from an MPC wallet?

I also hope that there will be continued support for the improving and expanding service for the existing exchange. Honestly, it hurts me to see how your great tech, the L2 matching engine is taking a back seat now. I realize this is for the best at this moment and we should always follow the market signals. Nash is building a whole ecosystem, a platform for which the fiat on/off ramp should be in focus at this point, maybe at some point in the future this changes to L2 being the most important aspect. I just hope that team will continue to invest in the exchange by adding margin and options so that the arguments for Nash grow every day and we can reach out to a wide range of audience;

  • crypto newbies that would use MPC purchase
  • experienced traders that use bots (there is no safer platform for bot trading other than Nash)
  • experienced traders that trade margin and options
  • casual trader that wants to dabble in crypto and wants an easy way to spend his earning (Nash debit card)
  • users that seek the best possible fiat on/off ramp
  • users that are exploring having a savings account in crypto
  • any kind of e-commerce that is exploring accepting crypto payments

People should be aware there are coins that are doing only one of these things while Nash is a complete package that offers services an equivalent of at least 5 coins (projects).

I also hope that the recent partnership with Railsbank will be used to upgrade existing services such as Nash Link accepting and converting fiat and crypto both ways and margin trading for the L2 exchange.

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Thanks for the update :rocket: :smiling_face_with_three_hearts:

Great roadmap. I’m really impressed with this pivot, plays to Nash’s strengths - regulatory compliance and MPC wallet. Especially impressed with defi partnerships with potentially 10–15 parties and co-marketing, hopefully Nash becomes the fiat ramp for defi.

Whilst I understand L2 is no longer the primary focus, would Nash at least consider adding LTC/USDC? It would allow us to move funds between exchanges quickly and cheaply, and hopefully also allow us to move funds into Nash channels cheaply. In addition, LTC is behind only BTC and ETH in volume.

For quite a while Coinbase had only BTC/LTC/ETH, and later BCH. They did very well with just these few high volume coins.

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