Q1 2021 Quarterly AMA

[Kellogg]

@Xaja

In the road map there was talk of a marketing campaign that should start in the first quarter.
How about that? Which channels does Nash plan to use in the future?

Answered above in response to algorithmicdesign: Q1 2021 Quarterly AMA - #96 by Kellogg

[Kellogg]

@masi2521

What is nash’s Strategie for bringing more professional Traders and hence more volume to the platform besides Nash League?

The Layer-2 exchange is not currently our main focus, but we do believe that by expanding our fiat gateway products we will attract more retail users to the exchange. Bizdev is approaching institutional traders privately.

@masi2521

How many professional marketing people are working for nash right now and how big is the budget for marketing expenses in 2021?

There are currently four people on the marketing team, plus developers who help realize the products (e.g website). We will not reveal internal business metrics, budgets, etc.

[Kellogg]

@NENEX

Do you consider financing from large B-series investors, for example?

Yes, though we will be doing an A Series. See answers above.

@NENEX

Do you have a clear projection of potential volume on the partner ramps you are implementing in Q2? If the answer is yes, how much do you think so.

Answered above in response to Stoaty: Q1 2021 Quarterly AMA - #89 by Kellogg

@NENEX

Do you think you can have a million active users or more by the end of the year? Yes or no?

That seems like a rather optimistic target for this year, but we wouldn’t want to rule it out.

[Kellogg]

@GeorgeG

If you guys need funds to get the securities license to trade NEX, would you be open to do another funding round?, i will be participating and show my support to the project, i believe in this team and want to see nash succeed. (Incredible how i keep seeing projects with no products getting ridiculous amounts of money)

As stated above, we’re looking to secure Series A funding. However, our goal is not to obtain a securities trading license just to allow the trading of a single token. Our goal is to obtain licenses to expand operations into more jurisdictions. If we do approach securities trading with a view to listing our own NEX pair, it is more likely we will do so via a partnership.

[Kellogg]

@SvetJordanov

There are tons of UX bugs, that are sitting in the Desktop version of NASH. As a user it’s really annoying seeing them. For the mobile version I have never managed to send NEO from staking to personal. So my question is: Why are you guys not fixing the User experience, fixing the bugs? I have seen new users trying the platform and leaving never to return because of BAD experience. I can’t convince my friends to use or invest in NASH (Please don’t respond with create ticket to support. Already did)

The team is currently working on a major refactor that we hope will resolve many of the bugs users encounter related to the trading wallet. The state channel technology is complex and has many corner cases, which unfortunately makes some user issues difficult to resolve. We are happy to have seen many fewer user issues and bugs with the fiat spot markets, which validates our reasoning to expand growth for those services.

@SvetJordanov

You have invested a lot of time developing the Exchange and now you are shifting to other products. That’s totally fine, but still a lot of work went to the exchange you are going to add new coins as well. You are persuing the Netherlands, all good things…but How are you going to promote NASH, how would you convince people to start using it ? All I see is couple of new comers coming and leaving. How would you change so that people will stay and tell other to try NASH ? Are we going to see one day real advertisement for NASH ?

Answered above in response to algorithmicdesign: Q1 2021 Quarterly AMA - #96 by Kellogg

@SvetJordanov

You have been developing the platform since 2018. We can see that a lot of the developing is slow. Do you guys think that with more developers you can deliver faster and more products ? 10 coins for 2021, why not 20 or 30. Why not develop faster when we are in the bull run ? Simply hire more devs so that the platform can lift off faster.

The major bottlenecks that Nash has at the moment are not problems that more developers will solve. This may change as we finalize our architecture for adding new blockchains to the system and gain more traction on the fiat spot markets.

@SvetJordanov

Liquidity. I know from legal point you can’t actually provide liquidity for NASH pairs. But there are ways to do that. Trading competitions like the one you are doing with the Seasons. Why don’t you provide this way liquidity for your pairs ? Trading competion for pairs. The only way in and out of the Nash Channels that is free is NEO. Why don’t you bring back GAS as well, provide GAS/USDC pair that way we can transfer less than 1 NEO ($64).

Trading competitions generate volume, not liquidity. Their goal should also be to acquire new users, not generate volume.

@SvetJordanov

Why don’t you bring back GAS as well, provide GAS/USDC pair that way we can transfer less than 1 NEO ($64).

We cannot support a non-liquid pair. This would cause more harm than good as it could lead to users losing funds.

@SvetJordanov

Currently we have volume less than 300K, do you think this is usable ? I remember the 15 mil trade done in couple of minutes, but if the exchange volume is 300K I don’t see something similar to happen ever again. How are you going to provide liquidity to the exchange ?

You seem to be confusing volume and liquidity. 300K volume shows the amount of trading being done. Liquidity refers to the order-book depth, which determines slippage (i.e. how “usable” Nash is). The large trades you mentioned prove that Nash is totally usable for high-performance traders and that we have no problems with liquidity on our main pairs. This can be considered separately from the volume on the exchange.

An independent study by L2_dex_wars was conducted to see how much ETH you would lose if you sold 100 ETH and bought it back right away. As it turns out, Nash has very deep liquidity: https://twitter.com/L2Wars/status/1367542611473551363?s=20

@SvetJordanov

Now that you are fiat ramp provider, what kind of orders can NASH handle ? Can I buy 10000 Bitcoins if I am level 4 tier ? Can I sell 10000 ?
What range of liquidity can you provide for the fiat ramps ?

Large orders are no problem, so long as you have the appropriate KYC tier.

@SvetJordanov

The partnerships are great so far. Really great job! Waiting forward to see them in action.
What kind of volume do you expect from the 3rd party fiat ramps ?

Answered above in response to Stoaty: Q1 2021 Quarterly AMA - #89 by Kellogg

@SvetJordanov

For what period of time are the partnerships with AAVE, Matic, Avalanche ?

There is no fixed end point for the collaborations.

@SvetJordanov

For how long do you have enough money to operate ? I

Answered above in response to Stoaty: Q1 2021 Quarterly AMA - #89 by Kellogg

@SvetJordanov

It’s better to burn money fast now by hiring more devs to fix the bugs, to fix the user experience, to develop faster. Burn money for CEO, for ads, for marketing. We are in Bull market, we should act faster.

Regarding advertising, we’ve said it before and it still holds true: marketing a product that is not market ready is a waste of money. You only get one chance to grab a user’s attention and convert them. We understand the importance of marketing/advertising/promotion and are in the process of testing certain media platforms. We will double down on those that work as well as invest in new advertising venues in the coming months.

[Kellogg]

@BILLYBELT2018

it looks like the targets for the first quarter of 2021 are being missed again.

We try to set realistic targets – which are targets, not deadlines. Some slippage is to be expected in software development, and the roadmap is a general indicator. The UK markets have been held back by a legal blocker related to Brexit that we did not anticipate and the recurring buy feature is essentially complete.

@BILLYBELT2018

do you think, finally get away from the neo?

Nash is not dependent on NEO in any way at the moment.

[Kellogg]

@Mr_Belfort

I held NEX since ICO, held through the bearmarket and tried to pitch in where I could. I suggested 2 customers for LINK, 1 small one (no reaction), 1 rather big one. I stayed positive, made some contributions to the forum and I generated more then 2 million volume on the exchange in the competitions. Got some hope with the new roadmap but it that hope is fading

Nothing has changed since we announced the pivot except the announcement of even more integrations and Nash being even closer to releasing and promoting our new products. There really is no reason to think differently of the project right now than a few weeks ago.

@Mr_Belfort

• my 50 year old neighbor bought BTC with bankcard in NL, who cares about 2% fee? she wanted it quick and easy, stored in a wallet provided by the seller. A few options available in NL alone… (compliant by the way) → you want your own keys? just transfer to a BTC wallet.
• There are dozens of providers with crypto cards
• L2 swap, orderbook exhanges popping up everywhere
• I can start earning interest on blockfi or DEFI
• Casa provides a user friendly multisig wallet. marketed everywhere.

So to sum it all up, and since I have still a descent amount of staked NEX:

• What is the USP of nash going forward?
• What problem is NASH solving which is not solved by other projects or exchanges?
• Who is the user NASH is targeting?

It is worth remembering that there is enough business in the crypto sector to go round. Nash does not need to control the entire market to succeed, just to win a decent share. So the existence of overlap with competitors is not a sign that Nash has failed. It’s also important to understand how these different services can be integrated into a single convenient app and made as accessible as possible. Offering the best overall combination of features is in itself a powerful USP.

Short-term, Nash aims to offer the simplest UX for moving between fiat and crypto, with highly competitive rates, unique wallet security and a good selection of tokens (including more Uniswap pairs). Things become more interesting later this year, however. The main USP will be digital banking services that put crypto first. Unlike Revolut, Nash will offer users real crypto in their own wallets, multiple assets and easy access to DeFi-powered savings (which will be far easier than buying USDC and sending it to a CeFi platform). When bank accounts and earnings are integrated, Nash will look quite different from competitors. We are bridging the gap between traditional and decentralised finance. See my first post above!

You are also overlooking our business products. See our response to Hitesh: Q1 2021 Quarterly AMA - #93 by Kellogg

Nash is primarily targeting retail crypto investors, rather than traders, and will in particular be targeting people newer to the space looking for a combination of simplicity and good prices.

[Kellogg]

@beefrog

Nash made a decision in 2017 to pursue a security status of their token for various reasons. Regardless of what tfey were, did Nash receive the perceived value of obtaining this security status?

What benefits has the security, as opposed to any other token, provided to Nash? Also, what doors did it close?

The question isn’t about whether the token is a security or not. The question is why we made a revenue-sharing token and not a utility token. For an exchange, the most logical kind of token is one that shares fees and revenue, not a utility token that people have to hold in order to use the service, which just keeps users out. A revenue-sharing token gives real value back to investors, just like shares that pay dividends. However, as such, there was never a question of whether it should or should not be registered as a security. We never contemplated making an unregistered security, potentially putting ourselves in legal jeopardy and damaging the future of our business.

@beefrog

I read there are security offerings that provide things like discounts to its holders, why is Nash not able to add extra incentive like this to their own? If I own 100 Ford stock, vehicle discounts. If I own Berkshire, Geico discounts. IBM, laptop discounts, etc.

Sharing 75% of company revenue is unprecedented. When we designed the token, we wanted the lowest share rate (25%) to be in line with the best stock dividends, and for higher rates to totally outperform that. As such, we don’t see any reason to add even more incentives to holding the token. NEX already aligns our incentives with those of holders: to bring as many users as possible to the platform. Adding more incentives will not bring users. Building and promoting our products will.

[Kellogg]

@Kwicks

Will nash offer Bank accounts for business as well?

Yes.

@Kwicks

Will the bank account services be provided for Switzerland?

Yes.

[Kellogg]

@nicefox

• A difficult question - considering nash is pivoting from original vision, is nex ico price @ 1$ a fair price
• References to potential Series A funding in future, why not consider selling some of unsold nex tokens from ico/company tokens/founder tokens

The company cannot comment on what a fair price for our token would be. We’re considering various options for the Series A.

[Kellogg]

@ca1ab1yau

Would Nash consider sending out detailed financial reports (monthly or quarterly) to investors with (e.g.) >1000 staked NEX?

Answered above in response to Stoaty: Q1 2021 Quarterly AMA - #89 by Kellogg

[Kellogg]

@JustUS

can you give an information on which roadmap milestones Nash is working in parallel?
In other words, does the work on open Q1 roadmap goals influence work on Q2 goals (f.e. expand to UK/ expand to NL, recurring purchases / interest earning)?

Most of our goals have two main elements: legal/business processes and development processes. These are independent of each other. Expansion to the UK and NL doesn’t require much development work, for example. Bank accounts will require both. It’s fair to say that these two main areas (legal/development) are always being worked on in parallel.

[Kellogg]

@Yates

I was listening to a podcast on the Delphi Digital Podcast about a new decentralized liquidity engine called Tokemak who incentivize investors to allocate liquidity across DeFi platforms where it is required. From what I can gather it has the potential to really help Nash liquidity grow basically for free!

Nash’s Layer-2 exchange doesn’t work following the same principles as DeFi platforms (automated market-maker protocols and liquidity pools), so this solution would not work for us. We have, however, already secured good liquidity for our main market pairs and will be focusing on those going forward.

[Kellogg]

@JMHW

Did you consider a solution via secondary market for security trading as CoinMetro did?

We are not considering approaching other exchanges to list NEX at this time. The NEX Uniswap market is the top market displayed in our mobile app and NEX can also be found elsewhere on the standard Uniswap token lists.

@JMHW

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

Answered above in response to GeorgeG: Q1 2021 Quarterly AMA - #119 by Kellogg

[Kellogg]

@Nickstar007

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

No. The ECB is working on its own digital euro project. It also seems unlikely that upcoming regulations will favor third-party euro stablecoins: ECB wants veto power on stablecoins in the euro zone | Reuters

[Kellogg]

That’s all for this AMA.

As you can see, we’ve got a clear vision for Nash and the resources to execute it. If you didn’t read it yet, check out my intro post for more details!