Q1 2021 Quarterly AMA

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

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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!

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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.

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We already contacted CoinGecko and had the NEX page updated. We can contact them again to update the tags. It is harder to obtain updates on CoinMarketCap, but we’ll look into it.

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All the regions where staking is possible but not trading are on our to-do list. However, they require more licenses, so won’t come until 2022 at the earliest.

We’re interested in integrating with DeFi services on many platforms, but have no specific plans for NEO3 or Flamingo at the moment.

These developments would have to be further out, beyond the current roadmap, so we cannot commit to anything. In principle, it is possible for us to deploy our ETH smart contract on Polygon and to integrate the exchange with their network, but this is not a priority at the moment.

What we are doing with our Polygon integration this year is to allow users to buy assets and have them sent immediately to the Polygon L2 network, just like you can already have assets sent straight to the Nash L2 for trading on our exchange.

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In addition to our new referral program, we will pay for promotion on the Apple and Google stores, run sponsored articles on major websites, pay for banner ads, promoted posts on social media, etc. – multiple avenues of paid advertising, just like the community wants, but only when the product is ready and users will not bounce. We will also work on co-marketing campaigns with other projects, co-hosting sessions on Twitter and Clubhouse to reach their communities. All these campaigns will be monitored and we will follow the metrics in terms of where to increase/decrease spend.

A mixture of third-party ramps and our own spot markets. We expect the integrated bank accounts and card to drive more users to the other products (although these won’t arrive until later this year).

Nash is offering so much more than “best fees” and “secure wallets”. See my first reply above! We offer crypto-first digital banking products, a totally new kind of financial services platform. However, competitors do not have MPC and Nash is confident enough in our prices that we are putting a comparison calculator on our website.

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We believe that crypto savings and investments will have become much more widely adopted, with more traditional banks trying to offer these products to customers. We hope Nash will be in a very good position, since we will be far ahead in that space. We also hope to have a significant share of the fiat gateway business on multiple continents.

No.

We have nothing new to share at the moment.

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Yes. Polygon will offer us useful experience in integrating another L2.

Purchases can already go direct to Nash’s Layer-2 exchange! But we will also be able to send to other L2s directly, like Polygon.

We’ll be looking into adding more DeFi protocols to the platform (potentially many more!) depending on patterns we see in user behavior.

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Nash plans to integrate with many blockchain platforms with DeFi ecosystems, potentially including Elrond. It’s common for founders to hold investments in other cryptocurrency projects and does not affect decisions made by Nash as a whole.

Uniswap is helpful to Nash as a place where potential investors can buy the NEX token. We don’t have any comment on whether Uniswap is legally able to list the tokens on their platform.

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The fix for transactions will be deployed relatively early this Q2, solving the issue for all chains, not just NEO. The new ETH contract is not a current priority given our pivot away from the L2 exchange.

Being compliant is important for any partners. We’re not looking outside of crypto right now, though.

We don’t have plans for a loyalty program at the moment. A new affiliates program will arrive this Q2, aimed at growing our user base and increasing volume on the Nash platform. Details about the debit card will be released later in the year.

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The combination of services and UX Nash will offer is innovative: all the major crypto services, including high-yield earnings, with an integrated bank account. We will offer crypto-first digital banking services, not just a wallet with a fiat ramp!

There seems to be some confusion regarding compliance in your post. It’s not correct to claim that the Layer-2 exchange was not competitive because of “compliance-related challenges”. We won’t provide an exhaustive analysis here, but there are other issues relating to the exchange to do with architecture and liquidity that slowed our growth potential more than compliance.

It is strange to suggest that offering a fiat gateway will be compromised by compliance. You simply cannot offer these services without licenses. If fiat is involved, a license is required. Nobody will partner with you, then you’ll be shut down.

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We hire people who have proven expertise in their fields, whether development, bizdev or marketing. In that sense, our strategy will not change, although we may bring in more people on short-term contracts to oversee the development of specific products.

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For this offering we will use an eMoney license which does not entail deposit insurance. We are actively planning on acquiring more traditional banking licenses that cover deposit insurances as well.

For starters, having to deal with a community is very different from traditional payments :slight_smile: And I believe more in the crypto ethos and the fair distribution of wealth over that of traditional finance, where only a select few get very wealthy. But for the most part, the fundamentals stay the same as does the playbook I’ve been following for years which is: Get Sh*t Done.

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