On Monday, September 9th, Nash announced the official launch of its non-custodial exchange minimum viable product (MVP), two weeks following its initially planned launch date of August 23rd. The exchange can be found at app.nash.io.
Nash describes itself as a fin-tech company that uses blockchain in its tech stack. The exchange is Nash’s first product release, and features the ability to trade digital assets, as well as purchase certain cryptocurrencies with fiat currency. Nash’s exchange architecture is comprised of smart contracts and an off-chain matching engine that allows users to maintain custody of their assets while using the exchange.
Nash’s NEX token is a regulated European security token registered in Liechtenstein, which allows users to stake and legally collect revenue collected through trading fees on its platform.
Launch of the Nash exchange
Features available in the recently launched MVP include funds management, cross-chain asset trading, fiat ramps, and NEX staking. In a conversation with NEO News Today, Nash CTO, Ethan Fast said:
There aren’t really words to convey how excited I am that the product is finally out. Nash is based on non-custodial technologies that make it an enormously complex system, doing things that, quite literally, no other exchange has done before. Beyond that, I’m incredibly proud of our team — everyone rose to the challenge!
The launch of Nash’s exchange followed a two-week delay. On August 24th, Nash reported “some minor technical difficulties with the production platform,” and had to postpone the release. Despite extensive testing, the reasons for the delay centered around “several critical issues [the team] had not previously encountered on the TestNet environments.”
First, an AWS outage caused issues for Nash fiat currency partners, requiring Nash engineers to dedicate time to fighting network difficulties. Second, following an audit of Ethereum balances, Nash discovered discrepancies between public block explorers. Out of concern for security and user experience, Nash decided to deploy its own internal block explorer.
In preparation for the launch, the team then published a TypeScript SDK so that automated trading developers can integrate with Nash and opened a sandbox environment.
Following the delay, the Nash team held an AMA attended by Nash founders Fabio Canesin and Ethan Fast to address community questions.
Tiers, limits, KYC
Trading limits on Nash are determined by tiers, depending on the amount of KYC information provided to the platform. Unverified, or Tier 0 accounts, are limited to $1,000 trading per day.
Tiers, limits and, required information can be found below:
- Tier 0 – $1,000 per day, requires email address
- Tier 1 – $25,000 per day, requires email address, name, address, PEP check, photo ID, selfie, and date of birth
- Tier 2 – Tailored according to declarations, requires Tier 1 information, user net worth, source of funds, and a contact number
- Tier 3 – Unlimited and reserved for institutions, requires company representative, email address, company name, address, contact number, website, TIN, corporate formation documents, and source of funds
Nash published its know your customer (KYC) mobile application to Google Play and the iOS Store on September 1st.
To increase tiering status on the platform, users can download the Nash App on iOS or Android to complete the required KYC process. Users must first create an account on the Nash website, and then use the KYC app and a QR code on the trading platform to verify their identity.
Currently, users are only able to verify their identities through Tier 1 verification.
In the future the Nash App aims to:
- Easily manage accounts for multiple blockchains and use Nash’s exchange to trade digital assets in a performant, non-custodial manner.
- Offer the ability to purchase digital assets with fiat currencies through various currency partners.
- Connect accounts to Nash Pay and purchase goods online with an automatic currency conversion service through the Nash exchange.
Following the launch of Nash’s exchange platform, the development team is seeking community input from platform users. In a community post, Canesin said:
To help us begin refining the MVP, we would now like to invite the Nash Community to send feedback through this forum. If you participated in our beta feedback rounds, this process will look very familiar. If not – welcome to the Community!
A link to provide feedback on the Nash exchange can be found below: