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.
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.
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.
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.
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.
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.
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 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.
Details will be released closer to the product launch.
No. The backend infrastructure to enable cards/payments would be the same for virtual cards on your phone as for physical cards. These would have to come together later in the year.
We are not planning such a program at this time.
No, because Nash would not be able to liquidate tokens posted as collateral.
This isn’t a feature we’ll be adding any time soon, since it is very complex to implement. Most dividends from the existing exchange will be paid in ETH, BTC and USDC anyway, as well as USDC for other dividends. By focusing on major pairs we hope you will not have many issues with dust in a few smaller coins.
We can consider adding this.
We’re not in a position yet where we can look to list NEX on a traditional exchange. We need to build our products.
To offer buying/selling NEX directly, with any pair, we would need a license to trade securities. That is different from the licenses Railsbank has. It is possible that we may be able to offer this in future through another partnership, however.
You will only be able to earn interest with your crypto savings account, not your bank account. We’ll reveal more details later in the year as we prepare to release the products!
Our rates will match those of Aave for USDC.
We’ll be able to publish rates closer to the product release. It is worth pointing out that many of these high cashback rates are only made possible because projects pay them using their own utility tokens (which may not even have a fixed supply). If demand for the utility token drops, then the rate will not be sustainable.
No. Ten new markets is our target for 2021, but when we meet it, we will continue considering new coins. We are looking both for popular coins and projects that are interested in integrating our gateway into their platform, giving Nash more exposure. There is a lot of overlap between these categories.
For fiat spot markets, there are several major components: blockchain monitoring, cryptography for creating and signing user transactions, and fund buffers that manage settlement for sale execution. For most new blockchain platforms or L2 networks, the monitoring component is likely to take the most time. Cryptography and transaction construction is probably the second biggest concern, but we have already extended our Rust cryptography library to support the most common curves and signing algorithms (including for MPC!). Settlement and buffer management is relatively straightforward.
We won’t be making these private business metrics public. See (1).
Nash was never just looking to DeFi. We are looking to offer fiat ramps to all promising crypto projects. Ledger Live and Brave are indeed possibilities. We’ve experienced significant interest in our third-party offering, far more than we can integrate in a couple of months. We’ll be growing as fast as our resources permit.
You already can on/off-ramp to our Layer 2 directly, and of course that will be possible with all the new payment methods we’re adding. So one immediate goal is to add those (credit cards, more banks, Google/Apple Pay). We’re also excited about offering direct ramps to the Polygon Layer-2 network!
WalletConnect is now available on both iOS and Android for Ethereum dapps. If Nash integrates BSC at some point, it would be relatively easy to extend WalletConnect support for the chain.
Our general vision for the future of crypto has remained the same. See these articles:
However, we’ve realized that offering a Layer-2 exchange is not the best way to grow crypto, or our own business. Retail users are more focused on investment and earnings – an extension of what they’re used to with traditional banking. That’s why we aim to offer the best fiat gateway and most user-friendly platform for all these products, in one place.
All NEX tokens are securities, both on Ethereum and NEO. We have already made NEX highly visible by including the Uniswap pair as the top market in our mobile app.
Yes. In fact, this fix should be deployed relatively early this Q2, solving the issue for all chains.
This is not an area Nash will be exploring. Nash Link functions with an account and widget that can easily be integrated into other platforms. There are other companies who specialize in making simple online stores, and they can easily integrate with Nash Link via our plugins.
This is one possible use case for Nash Link in the future, but it’s not something we’re actively working on right now. For the fiat gateway and banking/savings products, we’re looking for all variety of users, but especially people entering crypto for the first time.
Not immediately, but we would like to include some basic explainers in the app itself.
It’s possible, but not something we have immediate plans for.
Our current focus is entirely on the mobile app. While it would be nice to implement the new designs, we need to dedicate all our resources to the new strategy. We won’t rule out improving the webapp in future, however.
We have already added multiple new revenue streams.
We may integrate the coin at some point but we are not currently pursuing a partnership with Binance to have the Nash widget on their site.
The mobile app will be entirely overhauled to incorporate the banking and earnings features. However, we are not considering including social media or the forum directly in the app. We would like it to be as streamlined and close to the best mobile banking apps.
We do not believe that multiple apps like Coinbase has would be a good idea for Nash right now. This would be harder to maintain and may in fact add to confusion.
The best thing the community can do is to have realistic expectations. For instance, last week, there was no reason to expect huge dividends as soon as we implemented the infrastructure to pay out from the L1 fiat gateway. This was not a major upgrade, and for that reason we did not announce it via Twitter. But many people seemed disappointed when this feature went live, having heard about it from the ambassadors. Why? Because they made up unrealistic expectations for themselves.
NEX is a long-term investment. We need to develop our product, which takes time. As the products deploy, we will not suddenly 10x our revenue overnight. The process will be gradual.
Unfortunately, there is negativity on our forums generated by people who do not understand how a business works and who just want us to pump the price of the NEX token in the short term.
We ask the community to be realistic and patient, and not to give space for negativity that includes false statements about Nash.
We won’t be making major new announcements via community AMAs.
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.