Q1 2021 Quarterly AMA

@canesin could you please talk with us?
I am missing the podcast, YouTube interviews, the letter where you communicate with our community. I miss the family like feeling, the good intentions that I could see in your body language through the video interviews.
The passion/excitement and competence that was so clearly visible in those early YouTube videos.

Please :pensive:

2 Likes

I think it is crucial for the success of Nash to offer NEX on Nash exchange in the shorter term rather than the longer term. I know that it is currently not a priority and the license is very expensive, but I have two questions:

  1. Did you consider a solution via secondary market for security trading as CoinMetro did? Maybe also only as an intermediate solution? Primary markets already exist in Europe (e.g. Ignium [1]). Short explanation: CoinMetro is a centralized exchange (also seeking to be legally compliant and focusing on Europe), who offer digital security trading. They even claim to be Europe’s First Security Token Investment Platform [2].
    I did some research and found this article on medium [3], where the architecture is explained. Apparently they use Ignium as a central security depository (CSD). On Ignium’s website you can see, that the CEO of CoinMetro is also part of the founding team of Ignium [1] (which might be sketchy).

  2. Did you consider another funding round for obtaining the security trading license?

[1] https://ignium.io/
[2] Crypto Trading Platform | CoinMetro.com
[3] CoinMetro & Ignium - tokenized securities explained | Medium

1 Like

A few final questions from me for the team:

Would it be possible for Nash to develop an monthly audited, euro-pegged stable coin on ethereum after we get our banking license?

If so: couldn’t we create a way of buying said stable coin through our L1 fiat-crypto markets, or tradable through the L2 cross-chain markets?

If so: what would it take for the team to consider this pathway viable?

Personally, i think it’s a golden idea!
I don’t have to do the work though :rofl:

2 Likes

Thanks to everyone for your questions! There’s a lot for us to answer, but we’ve begun perparing responses already. We’ll be posting our replies here by the end of the week!

17 Likes

Hi, Nash Community!

Thanks for all your questions. We’ve done our best to provide answers to everyone here, so be prepared for a lot of replies! I’ll be posting answers from the team below.

There have been a number of questions about company funding, so let me be clear up front. Nash is in a strong position to execute our roadmap. We have a 2+ year runway from this point in time and we plan to raise a Series A well before that, as we hit our growth goals.

We are confident in our new strategy: to offer crypto-first digital banking services. Nash will not just be a wallet with an integrated fiat ramp. We will be a totally new kind of financial services platform. We’ll offer you one app with all of crypto, seamlessly integrated with traditional banking services.

Remember, we are still a couple of years away from the mass adoption of crypto. Nash is building the foundations right now for the digital bank of the future. We will be way ahead of traditional banks and even current neobanks as they try to integrate with the crypto space.

Our vision for Nash is to become a household name: a new kind of banking platform that is also the best place for users to invest in crypto and take advantage of DeFi, like high-yield earnings accounts. We’re still true to our foundational concept of “Trade. Pay. Invest” – and we’ll be adding “Earn” to the mix in the near future. We won’t be marketing our products separately (as “Nash Cash”, “Nash Exchange”, “Nash Savings”). Everything will just be “Nash” in a single app with simple, accessible UX.

As we release our new products this year, we expect gradual, sustained growth. No single feature will fulfill our vision or result in 10x revenue for the company overnight – so we ask the community to keep expectations realistic around every new release. We’re not aiming for short-term hype but will be building and promoting in a methodical manner. You can expect results in line with that approach.

Best,
Kellogg :rocket:

23 Likes

We won’t exclude any possibilities right now, especially for when DeFi migrates to L2. It would be great to offer an area of the platform with all this functionality.

Not at this time.

We have no plans to do this.

3 Likes

During Q2.

Very optimistic. We’re moving fast and building solid foundations for serious growth.

9 Likes

We’ll continue offering more coins on fiat spot markets, as well as integrating more Uniswap pairs. NFTs are something we may consider further in the future.

With third-party fiat ramps, users “log in” on the Nash mobile app to settle funds to platforms like Aave. There are no plans at this time to extend a Facebook-like login functionality in other apps.

The primary focus of the bizdev team right now is on third-party fiat ramps for dapps and new blockchain platforms.

1 Like

We are evaluating the benefits of Nash League and liquidity mining given data from the previous season. We may launch future seasons if the tradeoffs in exchange revenue make sense for company growth.

We will announce details about a new affiliate program soon. The new affiliate program will launch with two objectives: 1) user acquisition and 2) volume on Nash platform.

5 Likes

We have no plans for major upgrades to the Layer-2 exchange at this time.

1 Like

Nash Link has been well received. However, it takes upwards of six months to close deals with enterprise partners for payments.

Not at the moment, but you can read more about the savings product in the threads we have published around our integrations with Aave, e.g. here.

2 Likes

Our focus is not only on ramps for third parties, but also on fiat/crypto spot markets within the Nash mobile app. We will be focusing on these fiat/crypto markets going forward.

This is not something we plan to publish explicitly, e.g. by creating an API. We do not want to reveal that much information to competitors directly, effectively giving them daily reports on revenue. This is not normal practice for a private business. Nash is already extremely transparent regarding Layer-2 exchange volume, unlike many competitors whose figures may/may not be inflated by washtrading. When in doubt, users should base their NEX evaluations on the exchange volume. However, there is no way for us to prevent users deriving figures by doing their own calculations with publicly available numbers. As I said in my first post above, we expect revenue to grow gradually throughout the year, which should be reflected in staking dividends.

Everyone is entitled to an opinion, but that doesn’t mean they’re reasonable or grounded in fact. We won’t respond to negative statements that involve exaggerations like this.

We are open to integration with all blockchain platforms, including Binance Smart Chain.

8 Likes

Both in our new strategy article and this Twitter thread, we outlined how the new revenue streams Nash is pursuing will flow back to stakers.

3 Likes

We have no plans to pursue MOB at this time. We are focusing on larger cap projects with more users and can’t speculate too much on smaller ones right now.

2 Likes

This is possible, but given the work involved to port our systems to a L2 network, we have no plans for it at this time.

Third-party ramps integrations are not live (at time of writing), so providing revenue projections with no concrete data does not make sense. But crypto/fiat spot market volume reached an all-time high of 1 trillion USD last month, so this is not a small market. We expect to demonstrate sufficient growth in the immediate future to obtain Series A funding. That will allow us to grow further in new jurisdictions.

Yes, the Layer-2 exchange is being sustained and improved. There never were any legal issues with the exchange, nor are ETH fees a problem for large traders. We need to pursue market fit for the exchange with institutional rather than retail traders, who unfortunately showed insufficient interest.

No. The token was designed to share Nash’s revenue, and that is what the token still does – including revenue from the existing exchange. All stakers ticked multiple boxes saying they understood what they were doing.

We already addressed this when we published our new strategy in a post on this forum: Our new strategy and roadmap

Nash has a 2+ year runway and we plan to raise a Series A well before that time as we hit our growth goals.

4 Likes

If we gain new users for the ramps, we are confident that some will begin using the Layer-2 exchange. Although trying to grow the existing exchange is not our primary focus right now.

We generate our L1 prices for some assets based on our L2 exchange, but the goal of the L1 is not to generate L2 volume. In principle, it is possible for us to deploy our ETH smart contract on Polygon and to integrate the L2 exchange with their network, but this is not a priority at the moment.

4 Likes

This tool is unfortunately not a priority right now, especially given that we have pivoted away from the Layer-2 exchange. Having said that, our L2 exchange is not going away any time soon, especially because it’s baked into the NEX token payout mechanism.

We haven’t implemented this functionality yet. It is possible, and the temporary rebrand to “Nash Channels” had this in view. However, it is not something we will be able to spend resources on in the immediate future, hence the return to “trading wallet”. There are also security and compliance implications that we would need to address.

As you can imagine, there are a number of competitors that are also looking for us to share our stats :slight_smile: Having said that, we may decide to release some growth stats as our products gain traction over the coming months.

We do not think it’s good UX to have functions on our platform labelled “Not recommended”, and which could result in users losing money. The positive result was a more polished platform that doesn’t invite criticism regarding liquidity.

Yes, but these are both being marketed by our bizdev team directly to other businesses. Do not expect much noise from our Twitter right now about them.

2 Likes

Nash has a long-term vision for the crypto assets that we’ve talked about in various places on our blog:

It’s also important to be realistic. VCs look for startups with solid numbers and a realistic plan!

4 Likes

The period of the public offering expired. We are free to promote the token now.

Nash and our team of lawyers are not confused about compliance. If you want to run a fiat gateway and exchange, you need to be compliant. The fact that KYC is handled in our app is a major bonus for third parties as they can benefit from an accessible fiat ramp without the need to care for compliance.

This is not trivial to implement and, unfortunately, we don’t see it generating enough long-term value to justify right now, given our other goals and priorities.

It is a hard business to enter, since it requires licenses. Not all of these providers are licensed in all jurisdictions. Nash is able to compete by offering better value for money (see here) but also a much better user experience. You’ll see the UX when our widget goes live on Aave. Lastly, because users are asked to download our app to complete a transaction, we are acquiring both revenue and repeat customers.

3 Likes