How Nash Exchange’s IBAN Integration Simplifies Your Crypto Transactions

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How Nash Exchange’s IBAN Integration Simplifies Your Crypto Transactions

A new day, a new exchange that is coming onto our radar that wants to bridge traditional finance better with decentralized finance, all while staying compliant with regulation. In this article we are going to look at Nash, which offers a cheaper way to use a decentralized exchange and to ramp fiat on and off, even using IBAN.

What Is Nash Exchange?

Nash is a new fintech company dedicated to connecting the crypto space with traditional currencies. It is not only an exchange, it is an integrated suite of products that allows users to buy and sell digital assets using fiat, access their assets via self-custodial wallets, and provides a way for merchants to receive and pay with crypto.

A Layer-2 Exchange

Nash utilizes state channels and an off-chain matching engine to enable fast, secure, and real token trading across multiple blockchains.

But it is not entirely decentralized, as it prioritizes the benefits of blockchain technology but states that the concept of a serverless, fully decentralized solution is ideologically appealing, but not yet practical at scale—which is quite uncommon to mention when you are an exchange in crypto.

Legal Compliance in Blockchain

Legal compliance is crucial for mainstream adoption of digital assets, and Nash is taking this seriously by offering trading without KYC for volumes up to $5,000 per day. However, anything above this is only possible for users or accounts with KYC verification in place.

Supporting a Broad Range of Cryptocurrencies

While Nash’s Layer-2 exchange maintains a curated list of trading pairs, the platform is actively adding new coins to its Layer-1 national currency markets. Below, we see all the digital assets that the platform supports.

Nash Cryptocurrency

Pay and Get Paid Using Nash’s IBAN Account

The Nash Euro IBAN Account is a personal IBAN account that allows users to securely and compliantly send and receive fiat currency. Enabled by Modulr and licensed by De Nederlandsche Bank in the Netherlands, the Nash IBAN account offers a range of features, including the ability to automate investments, payments, remittances, and crypto trading.

This is very nice for crypto users who want to convert portions of their salary into crypto or schedule monthly transfers, as well as transfer between accounts, pay bills, and set up direct deposit for salary payments using SEPA Instant. However, it is particularly interesting for merchants.

A Solution for Merchants

Nash also wants to offer an answer for merchants that see the potential of cryptocurrency and want to accept cryptocurrency without hassle. This could be done via Nash by handling the blockchain integration and shielding merchants from volatility and unexpected fees. For this, Nash offers a 0% fee solution that settles directly in the national currency of the potential merchant.

Nash Fees

When it comes to fees, Nash has competitive fees but has no hidden costs by marking up crypto asset prices or charging inflated network fees. Nash’s fiat gateway for businesses and market-leading prices for retail use third-party fiat ramp partners, so fees will be determined by them.

Fees

Nash employs a maker/taker fee model, where market makers (those placing new limit orders) pay 0% fees. Market takers (whose orders match existing orders on the book) will pay a small fee based on their trading volume. Below is the table of fees paid by users, ranked by volume:

  • $0 volume: 0.25%
  • $0.1M volume: 0.24%
  • $0.25M volume: 0.23%
  • $1M volume: 0.20%
  • $5M volume: 0.16%
  • $25M volume: 0.13%
  • $50M volume: 0.10%
  • $100M volume: 0.07%
  • $250M volume: 0.04%
  • $500M volume: 0.03%

Fiat On/Off Ramp Fees

When you buy or sell cryptocurrencies on the Nash mobile app, a flat fee of 1% is charged, with a minimum fee of €0.50. This is in addition to the blockchain transaction fee, which is required by the cryptocurrency network to process transactions.

The Nash Exchange Token – NEX

The Nash Exchange Token (NEX) is, as they call it, a ‘revenue-sharing powerhouse’. Where stakers of NEX get an entitlement and share of Nash’s revenue, with the percentage increasing based on the lock-in period.

Calculated on the trading volume of the L2 exchange where 75% flows back to the NEX token holders.

Additionally, all NEX tokens held on the Nash App/Wallet receive 10% of the profits on all fees of the various products, which applies to all trades/swaps as well as all earnings products and fiat buy/sells.

As a legally recognized security token in Europe, NEX provides investors with a compliant investment option in the growing crypto exchange space and potentially leveraging the success of the Nash ecosystem.

How to Buy NEX Tokens?

NEX, being a registered security under European law, is not listed on the Nash platform. For anyone wanting to obtain the NEX token, this is possible on various secondary markets, such as the aggregator 1Inch, which is integrated within the Nash mobile app. To get the lowest trading fees and better liquidity, trading NEX tokens on the Polygon blockchain is recommended.

Conclusion

By trying to bridge the gap between traditional finance and decentralized finance (DeFi), Nash provides more than a partly decentralized exchange where users can use their self-custodial wallets and an IBAN account for easier fiat integration for personal and business use.

With a strong focus on legal compliance, Nash aims to drive mainstream adoption of digital assets while providing unique features such as direct lending on Aave and a revenue-sharing token for investors and stakers of their own token, NEX.

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Disclaimer: Trading and investing in cryptocurrencies (also called digital or virtual currencies, altcoins) involves a substantial risk of loss and is not suitable for every investor. You are solely responsible for the risk and financial resources you use to trade crypto. The content on this website is primarily for informational purposes and does not constitute financial advice.

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