2020 has proven an immensely productive and important year for Nash so far. As a remote company, we have been fortunate to remain relatively insulated from the coronavirus pandemic and have grown our team despite a tumultuous economic climate in other industry sectors.
Nash succeeded in H1 in implementing the key products and features required to grow our business. These include:
- The addition of Bitcoin trading to the Nash Exchange in May
- The release of decentralized API keys in April
- The improvement of our communications layer to enable <20ms latency
- The addition of full trading functionality to our mobile app
- The release of the Nash Cash fiat ramp in the European region
Nash now boasts a set of products that can compete with leading centralized exchanges in terms of base functionality, but combined with our industry-leading non-custodial security.
At the same time, Nash has prepared the ground during H1 for future growth by launching a series of focused programs and communications initiatives.
This report provides an overview of our key product releases from H1 and ongoing growth efforts, including features planned for the near future.
First, however, we would like to reiterate two central principles of Nash’s business philosophy: empirical testing and a compliance-first approach.
Nash’s business philosophy
In terms of product development, Nash has always followed an empirical, data-driven approach to achieving product/market fit. The “Minimum Viable Product” (MVP) version of the exchange launched last September was an essential starting point. Obtaining real user data allowed us to direct development during H1 and establish a strong position to begin growth efforts.
Of course, testing and iteration does not stop at this point. We are continuing to gather data to help us improve our products and determine the best course for our business.
Besides our data-driven focus, Nash is also founded on a compliance-first approach to cryptocurrency. We believe the wide adoption of digital assets will only be achieved in tandem with new regulatory frameworks. As a result, securing a future for our business in the space – and protecting our investors – means pursuing compliant solutions from the very beginning.
2020 has recently seen regulatory developments that suggest Nash’s approach is correct. Actions from the United States CFTC and DOJ against BitMEX point to a future of more stringent AML regulation. The UK’s FCA also recently took action aimed at protecting retail investors, another sign of the direction regulation is taking.
At present, NEX is the only token associated with a fully compliant cryptocurrency exchange. Although a number of major exchanges take compliance seriously, none of these offers investment opportunities in the form of a revenue-sharing token. With the exception of NEX, exchange tokens are unregistered securities related to less-than-fully-compliant exchanges.
NEX represents an important hedge against the lax approach to compliance predominant in the cryptocurrency industry. As the only compliant exchange token, it is currently the only way to invest directly in a compliant future for digital assets.
The Nash Exchange
Development of our flagship exchange product during H1 has seen numerous major successes, including two world firsts in the form of non-custodial Bitcoin trading with order books and decentralized API keys.
The Nash Exchange can now boast many unique features that are unavailable on other exchanges:
- Non-custodial trading with high-performance cross-chain order books – all natively cross-chain and including real Bitcoin!
- Decentralized API keys based on secure multi-party computation (MPC) – offering a truly unique solution for algorithmic traders that overcomes the flaws of other non-custodial exchanges
- 20ms order placement and cancelation speeds, making Nash by far the fastest non-custodial exchange
- The ability to avoid blockchain fees entirely thanks to the integration of the Nash Cash fiat ramp directly with our Layer 2 exchange
Where other projects are dedicated to building state channels for a single blockchain, Nash has built multi-chain state channels as just one part of our offering, powering our exchange architecture. In combination with our decentralized API keys, this gives Nash an unparalleled security profile: for the first time in the trading industry, funds are not at risk even if both a user’s and Nash’s servers are compromised.
You can read more about the technology and features of the Nash Exchange in our article celebrating one year since its mainnet release.
Nash recently launched Nash Cash, our own fiat ramp, in the European region, adding crucial functionality that puts us on par with leading centralized exchanges.
Nash Cash offers a number of features that let it stand out from competing fiat ramp solutions:
- 0% transaction fees on both buy and sell orders
- 24-hour or faster delivery of assets with SEPA transfers
- Direct connection to our Layer 2 exchange, letting you invest, trade and cash out without paying any blockchain fees
- A simple, intuitive UI available on both web and mobile
Nash Cash is also available to business customers who wish to let users buy and sell cryptocurrency within their own platforms.
H1 also saw the completion of Nash Link, our solution for merchants that makes it easy to accept cryptocurrency.
Formerly known as Nash Pay, Nash Link overcomes the hurdles that have prevented merchants from integrating with cryptocurrency payments, including technical difficulties and risk associated with volatile exchange rates and fees.
- No blockchain integration is required from merchants, just simple widgets and code snippets
- Merchants set a price in €, £ or $ and receive exactly this amount – Nash manages all risk
- 0% fee for both merchants and customers
Nash Link makes use of our own exchange to convert users’ cryptocurrency to USDC, allowing Nash to generate revenue in the form of trading fees.
Merchants can now begin to profit from instant, borderless transfers, tapping into the expanding crypto asset market. While traditional payments have been a cost center, Nash Link lets merchants access new sources of revenue!
The Nash mobile app has always been a crucial part of our offering, and continuous updates during H1 have essentially achieved feature parity with our webapp. The upcoming addition of a staking UI on mobile is all that remains before all Nash services are available any time, anywhere.
Expansions of the mobile app throughout the year include:
- Full sign-up, KYC and 2FA flows
- Full transfer functionality, including trading channels
- Both simplified and advanced trading UIs
- Push notifications for transfers and staking
- Contacts (including invitations)
- Integration with Nash Cash
Committed to open source
Nash believes that, when handled properly, open-source development can encourage both transparency and ecosystem growth. In addition to our main product offerings, H1 has also seen a number of important open-source initiatives.
Nash has open sourced our MVP protocol and client SDK. This allows anyone to build upon our system, providing third-party interfaces. More importantly, it lets anyone verify Nash’s claim to be non-custodial and see that user keys and knowledge are never at risk.
Nash also launched the OpenLimits project, a free, open-source standard for cryptocurrency trading APIs. OpenLimits aims to encourage inter-exchange compatibility and grow the ecosystem along with best security practices. We believe this is important infrastructure that will help contribute to Nash’s own growth and prominence within the space.
Nash recently created a dedicated business development team. Our three new team members (plus one external consultant) are experts in trading and payments and have many connections. Their role within Nash is to create partnerships with businesses, new users and content creators.
The efforts of our business development team are visible in the focused programs we have created to bring users and liquidity to the exchange.
- Our paid market makers program is aimed at small-to-medium-sized professional market makers, with the goal of introducing them to our revolutionary non-custodial technology. Partnerships with market makers are only possible thanks to Nash’s decentralized API keys. We offer an attractive compensation package and have already signed multiple contracts that will come into effect soon.
- The Nash Affiliates program is designed to incentivize inviting users to our exchange, offering 50% more commissions than competing public programs and operating with maximum simplicity: referring users is all that’s required, with no social media monitoring. The program offers a special reward tier for developers, encouraging building on top of Nash, and should also prove attractive to content creators with large audiences.
- Our recently launched liquidity mining program is currently in its beta phase, making 100,000 NEX tokens available over five weeks and introducing community members to bots and algorithmic trading. So far, the program has exceeded expectations, generating sustained daily volume over $1 million. Based on feedback from this first program, future programs will further improve both UX and rewards.
A new program incentivizing sign-ups to Nash is also being planned for the near future.
Communications and exposure
Our Marketing and Communications team, working together with our business developers, has undertaken multiple initiatives during H1 that have helped cement Nash’s brand and community and achieve increasing exposure within the cryptocurrency space.
- Our completely redesigned website presents Nash’s USPs more clearly and has dedicated pages for business and personal users
- A biweekly newsletter helps keep everyone with an exchange account up to date
- Our biweekly podcast Beyond the Chain is proving a success with listeners, offering insights into the Nash team and technology and creating links with industry figures outside of Nash
- Weekly progress update tweets satisfy a popular request from our community
- The launch of an official Nash Telegram channel represents Nash within one of the most important mediums used by blockchain projects
- Our new FAQ clarifies Nash to new users in the simplest way possible, at the same time addressing misconceptions about the exchange
- Nash successfully launched a Product Hunt page and became a featured product
- Our localization initiative, essential for expanding into new markets, has resulted in translations by the Nash community into Czech, Dutch, French, German, Italian and Portuguese. The website and mobile app will be available for translation soon. You can get involved here – we offer support!
- Team members have conducted prominent interviews, e.g. with Nasdaq Trade Talks and BlockchainBrad
- Articles by team members have been featured in prominent locations, e.g. on Nasdaq.com
- Nash was present at TNW 2020 with a virtual booth
- Positive reports on Nash have been published by the Crypto Rand group and State of the Dapps
- Our first test advertisements have run on YouTube and Reddit
- There have been increasing mentions of Nash by content creators on Twitter and YouTube
As Nash focuses increasingly on growth, these and similar efforts will increase.
Nash is currently developing the following features, which meet the most pressing requirements of users and investors:
- NEX ERC-20 bridge
We are currently creating a version of the NEX token on the Ethereum blockchain. Users will be able to swap NEP-5 NEX for ERC-20 NEX in a process that does not affect the overall token supply or involve wrapped tokens. This will make NEX more easily available to the Ethereum community and increase the exposure of our project.
- MPC for user wallets
Nash is extending the technology behind our decentralized API keys to all areas of our platform, making it the norm for everyday users and providing hardware-level security for personal wallets. You’ll be able to set address whitelists and transfer limits directly within our platform UI.
- Zero-ETH withdrawals on Ethereum
One of the major pain points for users is the necessity of maintaining an ETH balance in their personal account to withdraw from our trading channels. An upgrade to our Ethereum smart contract will enable the withdrawal of assets from state channels without having ETH to pay network fees. Instead, fees will be taken from the channel balance.
- Price alert push notifications
Users will soon be able to set custom notification preferences for a variety of events, including deposits, withdrawals, NEX stakes and successful orders on the exchange – as well as price alerts.
- New chains and pairs
Including Elrond (EGLD), Litecoin (LTC), Bitcoin Cash (BCH) and Dogecoin (DOGE).
- Nash Savings
Our new DeFi product will target holders, rather than traders, letting them put their capital to work in a non-custodial environment. Nash is currently experimenting with a variety of approaches in order to determine the best option for our users – though you can expect attractive APRs and simple, intuitive UX.
After a hugely successful start to 2020, we are excited to be moving into a new business phase and look forward to you joining us as we continue to develop unique products – and bring decentralized finance to everyone!
Watch our online H1 2020 report presentation, including an AMA with the Nash founders, here.
You can stay up to date with Nash by following our Twitter and Instagram, as well as joining our official Telegram group. We also encourage all Nash Exchange token (NEX) holders to join our community platform, where they can talk directly with the team and receive reliable answers to questions.