In 2021, Nash will begin offering services expected of a more traditional bank. Nash head of global business development, Kellogg Fairbank, joined an AMA to discuss plans that include launching a high-yield savings account and crypto-backed debit card in the next two quarters.
Nash is a non-custodial blockchain services provider that offers a fiat ramp, digital asset exchange, and secure wallet. However, Nash’s exchange hasn’t gained the traction they had hoped for, while their fiat ramps have seen 20% month-on-month growth since their Sep. 2020 launch. Therefore, the company has decided to focus on fiat ramps and integration services. Fairbank did note that the exchange will continue to play a vital role in the Nash ecosystem:
We’re no longer pushing the [layer two] exchange as our main retail product. However, it remains crucial for allowing our other products to work – it’s what lets us offer 0% fees for the main assets, and also powers our solution for merchants [with] Nash Link. [The exchange] will still be there, but our focus will be on the simpler buy/sell interface.
Nash leadership see synergies forming between cryptocurrency-oriented companies and credit card service providers like Visa and MasterCard. The team has decided to move forward with a hybrid digital asset and traditional finance model because they believe the banking world has accepted that cryptocurrencies are here to stay.
Kellogg said, “Companies like Nash [that] can help bridge the gap between traditional and decentralized finance and seamlessly merge the two, are the future of this industry.”
Looking forward, the Nash team aims to enable DeFi staking in Q2 and checking and savings accounts In Q3.
The full AMA can be found at the link below: