I saw the recent presentation about nash, where fabio has shown the market trading-pairs.
At launch we will see usdc as stable coin, but how will the exchange handle the payments from the banking partners?
For example if I deposit 100€ from my credit card through the banking partner to the exchange, will there also be a market for NEO/EUR and ETH/EUR or NEO/USD and ETH/USD etc.?
Coinbase handles it that way, that you have an Euro wallet and can trade these euros against BTC. In the case of USD you have BTC/USD but also a BTC/USDC pair.
Thanks!
Via the third party fiat gateways, you won’t be depositing the money but instead buying the token(s) directly. Nash won’t be able to hold our fiat and have fiat pairs until they acquire additional licenses as far as I understand.
Not sure when we could expect to see that added to the exchange - maybe @canesin or the team could answer that
If it’s like you explained, then it would be interesting how nash handles the connection of the coins with the banking partners.
I think the process would look like this:
Chose the banking partner in your area/country
Chose which coin and the amount you want to buy
Put in credit card / bank card informations and buy
Coins will be transferred to my account on my extension (from where does these token come from? Does every bank have an own crypto wallet? I am able to directly buy/sell every coin, which is traded on the exchange via fiat on/off ramp?)
And another interesting question would be, if you get the coins like above mentioned, will the matching engine be involved in this (in terms of fee collecting) or will you just get the coins from the banking partner wallet?
Yea that process sounds about right. I think they mentioned of there possibly being a choice of providers in some regions at least.
Yea, they hold crypto and tokens will be transferred to your wallet.
It seems that most if not all coins on the exchange will be available via the partners. If not, or not available at the exact time you want to buy, then Nash will make it easy by doing an automatic trade to go from a token available from the partners to the token you want.
If the partners have the token you want to buy then it won’t go through matching engine. If Nash need to do the conversion from token A to token B then fees will be collected from that
At start Nash will be using partners who will do the conversion FIAT -> CRYPTO. No fee from this type of trades is going towards dividends for staking.
Later on, when Nash acquires a licence to hold user funds (is it a banking license?) then Nash won’t use anymore external partners and the conversion FIAT -> CRYPTO will be done through the matching engine and therefore those fees will be going towards the dividends for staking.
First part is correct. When Nash has it’s own fiat markets then we will get fees from this. I don’t know what will happen to partners once this is the case, I imagine they will still serve some purpose.
I think that BTC non-custodial trading will be the real gamechanger. There are already some exchanges with banking licenses such as kraken and coinbase
