Quick Take
- NSAV Cryptocurrency Exchange goes live on Monday, August 9, 2021.
- It becomes the second publicly traded cryptocurrency exchange in the U.S. after Coinbase.
- NSAV is putting a big focus on compliance to differentiate itself from the well established crypto exchanges like Coinbase, Binance and Huobi.
- Global investment banking firm Silverbear Capital Inc. to provide expert advice on strategic matters, including compliance, to the exchange.
- The newly launched Cryptocurrency Exchange is planning to launch a governance token.
NSAV Cryptocurrency Exchange went live yesterday, Net Savings Link the parent company confirmed. Net Savings Link is now the second U.S. publicly traded company to own a Cryptocurrency Exchange, following the Coinbase IPO. Additionally, NSAV is putting a big focus on compliance to differentiate itself from the well established crypto exchanges like Coinbase, Binance and Huobi.
Compliance A Big Challenge For Cryptocurrency Exchanges
Compliance has become a big challenge for crypto exchanges due to the rapidly evolving regulatory environment in the cryptocurrency industry. Leading crypto exchanges like Coinbase and Binance has been facing several objections from regulatory authorities in recent past. Binance, in particular, has been facing tougher actions in many countries. Few countries has even barred Binance from operating due to compliance issues.
NSAV Cryptocurrency Exchange Launch Was Delayed
Crypto traders were eagerly waiting as per earlier launch schedule of NSAV which was delayed. NSAV did not immediately respond to an email from AlexaBlockchain on reason for the delay. However, it later explained the reason for delaying the launch in a press statement.
NSAV Exchange Putting Huge Focus On Compliance
“The Company slightly delayed its timeline to become fully operational,” NSAV confirmed in a press statement.
Additionally, NSAV is in the process of strengthening its KYC (Know Your Client) protocols and other compliance related items, in order ensure that it doesn’t fall victim to the same legal and regulatory problems that have recently plagued Coinbase and Binance.
The exchange reiterated that it possesses the expertise and skill set to be fully compliant in all jurisdictions in which it conducts business.
“The management believes this delay will be in the best interest of all NSAV shareholders, in order to ensure shareholder value is being protected,” it stated.
NSAV Partners With Silverbear Capital For Strategic Matters Including Compliance
NSAV has partnered with the global investment banking firm Silverbear Capital Inc. for expert advice on strategic matters relating to the Company’s cryptocurrency exchange. Silverbear will also help guide the crypto exchange in ensuring that it is continually in compliance.
NSAV Cryptocurrency Exchange To Launch A Governance Token
Immediately after making NSAV Cryptocurrency Exchange live, Net Savings Link moved towards decentralization. NSAV is planning to launch a governance token, which the company believes will be a huge benefit for its NSAV Cryptocurrency Exchange.
UNI, the Uniswap’s governance token, which was launched last year at a price of around $1.00 is now around 30 times in value. Precisely, the UNI token is currently (at press time) trading at US$29.46, according to CoinMarketCap data. In fact, UNI token has gained over 40 percent in the past one week. Many such governance tokens have appreciated multifold in short span of time due to their utility value.
“This is an exciting milestone for NSAV. I am thrilled to see the company introducing the planned launch of an NSAV governance token, which will act as a native token to our exchange as well,” stated NSAV Senior Vice President of Cryptocurrency Operations Mr. Dato’ Sri Desmond Lim. “I believe the decentralized direction is a very good strategy and will bring more democracy to our ecosystem.”
Mr. Dato’ Sri Desmond Lim is also a partner at Silverbear Capital. Mr. Lim is also Co-Founder of the world-renowned World Glove City Project in Malaysia.