Nash is combining traditional financial offerings with its non-custodial blockchain services. The company has announced it is developing new products that will include fiat-based checking accounts, high-yield savings accounts powered by DeFi, and a cryptocurrency-backed debit card.
NEX holders will receive USDC distributions from fiat on-ramps and banking service revenue streams, in addition to current staking rewards.
Nash is a non-custodial blockchain services provider. Since its founding, the team has built a regulatory compliant exchange and unique protocols to securely trade funds in a decentralized manner. Nash’s token, NEX, is the first regulated European security token.
Despite its technological and legal achievements, Nash’s focus on compliance and non-custodianship has made it difficult for the company to find a product-market fit. Nash noted that its competitors in the decentralized exchange market largely ignore KYC requirements, making it easier for them to acquire users and liquidity. Centralized exchanges, on the other hand, are built using simpler architectures that enable them to more easily bootstrap markets and list new assets.
With the increasing popularity of banking service platforms like Revolut and BlockFi, however, Nash has identified new business opportunities. The company is now setting its sights on bringing the advantages of self-custody and advanced wallet security to the neobanking market.
In a Nash community post, co-founders Ethan Fast and Fabian Wahle said:
“Going forward, Nash will focus on providing the best gateway for retail users to invest in crypto, while expanding into digital banking offerings that seamlessly integrate DeFi services. This decision is driven by patterns we have observed in our metrics, and our confidence in the advantages our fiat ramp and wallet products can offer over competitors.”
Among the touted new products, Nash plans to offer fully functional bank accounts with IBANs. The service will be built in partnership with Railsbank, allowing Nash to also offer a debit card that gives users access to their checking account and the ability to spend crypto anywhere.
Additionally, Nash will complement its checking accounts with high-yield DeFi powered savings accounts. Nash stated that the goal of this product is to “make the experience of investing in DeFi as simple as transferring fiat into an on-chain savings account, giving crypto novices the easiest possible access to these new high-interest opportunities.”
In the coming months, Nash also intends to add markets to its exchange, announce new partnerships, launch a new marketing campaign, and open a debit card waitlist.
The full announcement and 2021 roadmap can be found at the link below:
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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