In this article, we will share responses to the questions we received from our community from the July EOM report. Thank you to everyone who sent in their questions. We hope that this will give you more clarity on where we are and where we are heading into the future.
We have divided the responses into 3, based on the different types of questions we received.
- Section 1: Team & Management
- Section 2: Product
- Section 3: Marketing & Partnerships
Section 1: Team & Management
In this section, we respond to questions about Nash’s core team, management and the company's future.
How many team members work at Nash currently?
- We have about 25 team members.
Does Nash plan to raise another fundraising round?
- Yes, we do. Once our planned offering is complete, we will seek strategic investments from VCs.
How many of the 5 Nash founders remain active on the project?
- There are 3 active founders.
Can Nash hire a more visible CEO for interviews and networking?
- In the context of further financing rounds, additional leadership is on the table.
What is Nash's plan to maintain high standards of security and compliance moving forward?
- As we are a regulated business, by law we are required to stay up to date with compliance. Our compliance department is the largest at Nash currently. Regarding security, by design, our non-custodial architecture protects users from many types of attack vectors. For centralized parts of our system (CAS/ IBANs/ CC) we conduct regular external security audits by CREST-certified third parties.
Will Nash return to the UK?
- Due to the present regulatory overhead specific to the UK market, we have decided to stop the pursuit of a license in the UK. We keep monitoring the development for changes, but for now have no plans of returning.
Does Nash have plans to acquire users outside of the EU?
- Not at this time. We will continue to focus on the EEA.
The dividends distribution process for NEX is opaque and not auditable, can you make it more transparent?
- As of now, it's a strategic decision to leave it as is but pretty accurate approximations by third parties exist.
Is there a plan to give voting power to NEX holders?
- Granting voting powers to NEX holders would require significant legal, compliance, and organizational changes at arguably minimal benefit to NEX holders. We always have and continue to be open to constructive feedback from NEX holders and the wider community. Everyone is welcome to use our feedback form or send us an e-mail.
What is the update on NEX's tokenomics?
- Tokenomics have not changed. Nash still shares 75% of L2 and 10% of all other products with additional incentives to be added once cards are out.
Section 2: Product
In this section, we answer questions about the Nash app and our development roadmap.
What is your cross-chain strategy?
- Aside from our own NEX bridges, we are considering adding third-party bridges in the context of Swaps. Bridges often have a central point of failure and we are therefore very careful in our analysis.
What is the update on the Layer 2 EVMs?
- We have several planned on our internal product roadmap.
Do you plan to implement Solana soon?
- While it's on the table, there is no timeline yet. We are observing the space and considering the pros and cons for all networks.
Can Nash move to a custodial model to make the product more accessible to the masses?
- We believe in non-custody and it's at the core of our identity. We aim to make our non-custody solution as seamless as custodian solutions out there.
Does Nash have plans to work on products in the NFT space?
- No - we consider the dynamics in the NFT space as unhealthy and short-lived.
How does Nash see the role of AI in its product strategy?
- It already plays a role in everyday operations in Compliance, Marketing and development.
Is there a plan to integrate a NEO Dex into Swaps?
- We have an eye on NeoX developments and expect more activity that may justify the integration.
Are there any product use cases for NEX to make it more attractive to other users?
- Yes, with the launch of cards, there will be numerous incentives to buy and hold NEX tokens. Stay tuned.
Section 3: Marketing & Partnerships
In this section, we answer questions about our marketing strategy and our approach to acquiring new users for Nash.
What is your marketing plan and how do you plan to grow?
- We have been actively engaged in marketing for a long time. We continuously test various channels to determine what works and what doesn’t, all while maintaining a very cost-effective approach. At the growth stage, we’ll focus on the most effective channels. For the launch of crypto-powered cards, we will have press releases, supported by social media, SEO, and influencer partnerships, while expanding affiliate marketing efforts. Traditional methods like billboards and transit ads will complement digital channels, and we’ll encourage word-of-mouth through good UX. As we secure future funding, we’ll leverage network effects and strengthen our core team to drive continued growth.
What are your plans to increase fiat ramp partnerships?
- We are actively approaching projects but thus far our success rate has been fairly low unfortunately without any specific pain points given.
What is the plan to increase trading volume on the L2 Exchange?
- Besides the non-custodial trading with the look and feel of a centralized exchange, our L2 is the enabler for upcoming features related to our debit card that will have a direct impact on L2 volume.
Final Words
Thank you to everyone who asked questions from the community. Let’s keep the feedback coming. Your feedback enables us to continue to improve and grow. You can always reach out to our community admins with your thoughts and suggestions.
We have only scratched the surface of what we hope to achieve as a community. It’s still day 1 for us. And we are excited about the future of Nash!
