Nash co-founder and CTO, Ethan Fast, recently participated in an interview on Nasdaq Trade Talks to discuss Nash products and services. At the end of the interview, Fast announced the launch of Bitcoin trading on Nash Exchange. At the time of press, Bitcoin trading is available to Tier 2 users who’ve completed KYC and is expected to be available to all Nash users within the week.
Nash initially completed its protocol specification for Bitcoin trading in March 2019, with Fast stating at the time that “what we’ve come up with will provide significant improvements in security and performance over any of today’s exchanges.”
The Nash trading protocol uses simple hashed time-locked contracts (HTLCs) and other scripting primitives to create a state channel solution similar to the Lightning Network, which purportedly allows non-custodial trading of BTC for the first time in the blockchain industry.
An off-chain matching engine will process Bitcoin orders to offer “speed, liquidity, and functionality similar to trading Bitcoin on a centralized platform.”
Further, Nash utilizes multi-party computation (MPC) to generate threshold signatures, as opposed to the traditional approach of using a private key directly to sign transactions. The implementation will provide institutional and algorithmic traders with flexible permission control over individual API keys, limiting parameters such as trade quantities, withdrawals, or asset types.
Decentralized API functionality based on MPC was launched earlier this month, and includes support for Bitcoin trading.
The integration of Bitcoin into Nash’s cross-chain platform has been noted as a “technological first,” and aims to offer users non-custodial trading of Bitcoin with the same performance as Nash’s NEO and ETH trading solutions.
Fast’s interview with Nasdaq Trade Talks can be found at the link below: