Recap of AMA of Avalanche with Nash
On the 30th of September 2021 @ 11:00 AM ET, An AMA session was held on Avalanche official Telegram group with special guest Kellogg and Chris Fenwick from Nash. Below we present to you an excerpt from AMA with questions and answers. It was wonderful and very informative, Enjoy reading :)
Nicolas | Avalanche
Welcome, @cerealously and @cstfenwick!
Kellogg | Nash
Hello, happy to be here
Nicolas | Avalanche
Glad to have you guys ! Before we dive into the questions, can you briefly introduce yourself to the Avalanche community, and share some background on Nash?
Chris Fenwick| Nash
Hi, everyone!
Kellogg | Nash
I’m Kellogg Fairbank and the CEO at Nash. I have more than a decade of experience in senior leadership roles in the fintech and payments industries, including positions at Braintree / Venmo and PayPal.
Chris Fenwick| Nash
I’m Chris Fenwick, and I work as Comms Director.
Kellogg | Nash
Nash is a fintech platform bridging the gap between traditional finance and crypto. We aim to offer the ultimate fiat <> crypto gateway, and to simplify access to crypto for the next wave of users. Besides offering cash accounts with IBANs in our app (coming soon), directly alongside non-custodial crypto wallets and DEX trading, Nash has launched a revolutionary earnings product that lets you access DeFi directly from your bank account.
The company originally developed a Layer-2 exchange, the only one of its kind, bridging the Ethereum, NEO and Bitcoin blockchains natively. This exchange still powers our fiat gateway, letting us offer the rates that we do. However, earlier in 2021 we pivoted towards a retail focus on crypto gateway products. The exchange will be marketed in the future to professional traders.
Chris Fenwick| Nash
You can read about our current direction here: https://blog.nash.io/bridging-the-gap-between-fiat-and-crypto/
Nicolas | Avalanche
Thank you Chris and Kellog for this introduction ! Let’s start taking the question from the community on Twitter
Our first question comes from scientiaax and he is asking : How do you ensure the security of application Nash? Have any outside companies been contracted to ensure security?
Kellogg | Nash
Yes, we’ve undergone security audits by a number of large firms, including Recurity Labs, Cure53 and NCC Group.
Nicolas | Avalanche
Great to hear ! Second question by AvalancheESP : What differentiates Nash from other fintech companies that also use blockchain?
Kellogg | Nash
We’re bridging the worlds of traditional finance and crypto. Our goal is to be the ultimate gateway to crypto and blockchain-based products by including them in a fully-functional app for digital banking services — an all-in-one financial app that you can use for paying your bills, but also for investing in Bitcoin or putting funds into DeFi earnings. User experience is central for making crypto accessible to the masses, so we need to offer an experience just like the traditional banking apps users are used to. And that includes all the banking services they want as well.
In terms of other fintechs: On the one hand, more “TradFi” companies like PayPal or Robinhood are offering some crypto products, but they’re walled-garden systems (you don’t really hold your own Bitcoin, it’s just in their system). On the other, more blockchain-focused apps don’t offer great fiat to crypto gateways — a lot of companies just use third-party fiat services like MoonPay or Transak, and the UX isn’t exactly smooth. Nash possesses both blockchain expertise and the correct licensing to run our own fiat gateway, so we’re ideally placed to create the perfect gateway app.
Nicolas | Avalanche
Question #3 by darkseid89931 on Twitter:
For all purchases and sales made using Nash wallet, there is zero percent transaction fees.
But then what is your revenue model for earning and sustaining for long term?
Chris Fenwick| Nash
I’m afraid this isn’t correct. Nash charges a 1% fee for buying and selling crypto.
Nicolas | Avalanche
Question 4 by Garda10061219:
What would be the next steps in Avalanche/Nash partnership, how do you see this partnership evolving a year from now?
Kellogg | Nash
Integrating the C-Chain and offering AVAX on our fiat gateway is just the first step to incorporating more elements of the Avalanche ecosystem! For example, we currently offer DEX markets (routed via 1inch) for Ethereum tokens on our app, letting users trade thousands of coins with simple UX. We want to add Pangolin markets here too. We may list other Avalanche-based tokens on our fiat gateway or integrate other Avalanche dapps and services directly into the app. The very next stage of the partnership is the inclusion of the Nash fiat gateway directly within Avalanche’s own wallet.
Nicolas | Avalanche
Sounds exciting 👀 (replying to Kellogg)
Fifth question by woozieriadi:
Can you tell me about what are the major challenges for Nash team when developing this platform & how to solve them?
Kellogg | Nash
Developing for blockchain is hard, really hard — that’s the main challenge. Nash wants to make our system as decentralized as possible, giving users full control of their own wallets and assets. We’re not a centralized exchange that just moves numbers in a database and has custody of your funds. So we already took the “hard route” by trying to build real blockchain products.
The other large challenge is connecting all this infrastructure to traditional finance — adding multiple local payment methods for our gateway. Integrations often have to proceed region by region. When we finally have our own cash accounts with IBANs on the platform, this will make the Nash gateway even more accessible to users throughout Europe.
Nicolas | Avalanche
For question 6 andre_shifu is asking: Why is this project named “Nash” ? Any history behind that name?
Chris Fenwick| Nash
The company is named after John Nash, the mathematician who invented game theory, which underpins a huge amount of modern economics. You might know about him from the Russell Crowe film ‘A Beautiful Mind’. Nash had revolutionary ideas that helped transform the academic discipline of economics, and we believe crypto is revolutionary in the same way, transforming the way people use money in their everyday lives. Of course, there’s also a lot of game theory involved in crypto (for example, in designing Proof of Stake protocols). Our founders are all computer scientists and programmers, two with PhDs, so they are also naturally drawn to figures like Nash, and this seemed like an appropriate way of paying homage.
Nicolas | Avalanche
There is a car manufacturer that also took a scientist name for it’s company name. Wish you the same success as them ^^
Question 7 by FabianRizalez: Do you have any native NASH tokens planned for governance and other functions in the application?
Kellogg | Nash
Nash is not a blockchain, so there’s no such thing as a “native token”. We have a token called NEX that is on both Ethereum and NEO, and which currently functions as a revenue-sharing token. In fact, we registered it officially as a security, to be able to share revenue legally — the first of its kind in Europe. However, we are currently looking into expanding the functions of our token so as to make it more appealing to new users of the app, generating more demand for it. This includes utility functions — though we cannot release any details until all our plans are absolutely finalized.
Nicolas | Avalanche
Question #8 by luckymarkie01 on Twitter:
I saw your roadmap that the Nash app planning to integrate with a bank account. Does it have country limits or are these services provided to all countries?
Kellogg | Nash
Accounts for EUR and GBP with IBAN numbers will first of all be available in Europe (EEA + UK). However, we will be looking to expand elsewhere next year, either by obtaining new licenses or entering partnerships with local banks.
Nicolas | Avalanche
Question 9 from Uureenes:
Could you describe Nash as motto by saying three words :)
Chris Fenwick| Nash
New
Smart
Money
Nicolas | Avalanche
I like it ! (replying to Chris)
For the last question from Twitter darkseid89931 is asking: Does Nash have any ongoing bug bounty program which attracts white hat hackers to test the platform for any potential risks?
Kellogg | Nash
Yes, we have a program and reward people who report issues. Please contact support@nash.io for more details if this interests you.
Nicolas | Avalanche
He is also asking:
What are the future plans that @nashsocial is aiming at? Lets say in 1 month, 1 year and 10 years.
Kellogg | Nash
In one month we aim to be launching our first marketing campaigns in the UK and the Netherlands. This depends on instant payment options becoming available in these regions (FPS in the UK, and Ideal in the Netherlands), since with instant payments we can offer the absolute best user experience, short of having our own EUR accounts in the app. These campaigns will focus on our Earnings product, which you can read about here: https://blog.nash.io/defi-made-easy-how-nash-earnings-works/
In one year, we aim to have completed our core product offering: a fully integrated banking/crypto app with local payment options in all the EEA. The banking part has to be as significant as the crypto part if people are to switch to Nash as their main financial app (so, we’ll be working on a card, and other features like standing orders, spending analysis, etc.). It’s possible that in one year we’ll also have expanded to even more jurisdictions and integrated even more blockchains (Terra and Polygon are already coming in the near future). The real focus for the next year is building out our app, polishing it as much as possible and rolling out marketing in multiple regions, acquiring new users.
In ten years, we want to be the number one personal finance apps globally.
Nicolas | Avalanche
Ambition ! Next question is asked by DiniTribroto: #DeFi world is developing very fast
How Nash strives to be over compliant in a world where the regulators are lagging?
Kellogg | Nash
Nash wants to be a leader in the space for other companies to look up to, so it’s essential to be compliant.
Being compliant is also important for getting ahead. Nash has focussed on compliance from the start to make sure we don’t get caught out by regulators. It’s proved to be the right approach — for instance, we recently obtained our license to operate in the Netherlands. This license is notoriously difficult to get, and a number of very large players in the crypto industry failed to do so — since they haven’t always been as attentive to compliance as we have.
If we can show that we can lead the space both in terms of technology and compliance, we hope that we’ll be able to work with regulators in the future to help ensure a friendly regulatory environment for crypto.
Nicolas | Avalanche
DAO_Warrior asks: How secure is @nashsocial ? Why should we use your platform or your app? what makes you different ?
Chris Fenwick| Nash
Nash offers exceptional security. Not only are we non-custodial, we’re one of the few crypto wallets to have implemented multi-party computation (MPC)! This keeps your private key out of your device’s memory when signing transactions, and also allows you to set up special policies like address white-lists, wallet locks, etc. You can read more about it here: https://blog.nash.io/the-safest-crypto-wallet/
With Nash, you gain access to an Avalanche wallet secured by MPC!
What makes Nash different, besides the security? The integration we will offer with traditional finance, including cash accounts with IBANs directly in the platform. We’ll be offering UX for crypto that feels just like a traditional banking app. And if you’re using our fiat gateway today, our fees are already ahead of competitors: just 1%, with assets delivered to a secure wallet only you control.
Nicolas | Avalanche
Thank you for answering these questions from Twitter, @cerealously and @cstfenwick!
Now, we will unmute the channel and take some of the community’s questions.
zybk70 ∀
Nash Exchange Token (NEX) is a security token? I looked at the exchanges where NEX is traded on coinmarketcap. Frankly, I did not see any known CEX-DEX other than 1inch Exchange.
Why is it not traded in known markets? Will we see NEX in various DEXs on #Avalanche network?
Kellogg | Nash
The security status of the token has made it difficult to get listed on well-known exchanges. We’re aware of this, and are currently looking into solutions to make our token more easily available.
rayroyrey 69
is nash wallet integrated with avalanche? or maybe already? can be explained
Kellogg | Nash
Nash has integrated Avalanche and offers AVAX on our fiat ramps
Aravind 🔺
What are the benefits of nash users comparing with other platform users?
Chris Fenwick| Nash
– Cheaper fees when buying / selling crypto
– Non-custodial wallets secured by MPC
– Unique earnings product to go from cash <> DeFi
– Smoothest UX for trading on DEXes
– Integrated IBAN EUR/GBP accounts coming soon … one app for your banking and crypto needs!
Andre Wu
there are many complain from indonesian people when they using dan download nash in the play store, what is the solution to solve them sir?
Chris Fenwick| Nash
This sounds like a complaint from the days when the Layer-2 exchange was the main product. Users from Indonesia are not presently able to trade on the Layer-2 exchange, but may utilize other features of the platform, e.g. DEX markets. We don’t offer our fiat gateway there yet.
rayroyrey 69
in the nash project, is there a referral program? what’s that? and what to get?
Chris Fenwick| Nash
Yes, we’re running a referral program. If you refer a friend, you get 5 NEX tokens and you friend also gets 5 NEX.
Ryan Christian
I saw on the nash.io website, there is a mission “We want to empower the world to invest in, trade and manage digital assets”. What are the future plans to make this happen? Moreover, there are still many who are still afraid and doubtful about digital assets
Kellogg | Nash
We aim to make it easy, safe and accessible. DeFi today has a very technical UX and we plan to keep it simple for consumers to get into crypto
A.Emre🔺
What is your most important difference that you offer to us investors? We have funds in many dex, why should we move them to you?
Chris Fenwick| Nash
Nash isn’t a DEX. We support integrated DEX markets powered by 1inch. Our current product is built around the fiat gateway, and our easy-access DeFi earnings.
zybk70 ∀
Bitcoin stores value, Avalanche creates value. However, $AVAX is unfairly affected by Bitcoin’s price movements. Do you believe that markets which exist Fintech and various blockchain companies cryptos like Avalanche should be free of Bitcoin price?
Chris Fenwick| Nash
My personal opinion is that these movements aren’t totally unfair. All crypto prices have a heavy component of speculation, which is related to general faith in the crypto industry as a whole. So I find it totally comprehensible that the whole market moves with Bitcoin.
HERO
What’s the next main objective for the app: new pairs? coping with incoming volume? wallet MPC upgrade? transfers final fix?
Chris Fenwick| Nash
Integrating FPS in UK and Ideal in the Netherlands are the priority, as then we have something we can start marketing seriously in those regions.
KAL-EL Cryptonian
We all know that Staking, Farming and NFTs have proven to be very good ways of attracting users and improving Adoption. What are your thoughts and plans on these features?
Chris Fenwick| Nash
We need to complete our core offering first (banking + crypto gateway + earnings, side by side). However, we are open to integrating more crypto products in the simplest possible fashion in future — a bit like we have the DEX markets from Uniswap today.
✎҉_F₳ᛔᛙѦᚻ .∀🔺
Now that the Avalanche c chain is integrated into NASH, what possibilities, advantages and options will we have to use our AVAX tokens and obtain some kind of benefit?
Chris Fenwick| Nash
In the near future we’ll be looking at integrating various aspects of the Avalanche ecosystem.
Nicolas | Avalanche
Thank you @cstfenwick & @cerealously for answering these questions !
Was great having you here
Chris Fenwick| Nash
Thank you for hosting us :)
Kellogg | Nash
Thanks, we had a blast 🙂
About Nash
Nash is a fintech company that combines a suite of non-custodial digital asset services with market-leading fiat gateways. Users can invest in, trade and make payments with digital assets, and at no point will Nash control their funds. Fiat purchase fees are as low as 0%. Nash operates the only Layer-2 exchange that supports native Bitcoin trading, cross-chain with Ethereum and NEO.
Website | Twitter | Telegram | Blog
About Avalanche
Avalanche is an open-source platform for launching decentralized applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche is able to process 4,500+ transactions/second and instantly confirm transactions. Ethereum developers can quickly build on Avalanche as Solidity works out-of-the-box.
Website | Whitepapers | Twitter | Discord | GitHub | Documentation | Forum | Avalanche-X | Telegram | Facebook | LinkedIn | Reddit | YouTube