NANO Cryptocurrency Official Wallet Delayed by Legal Compliance
The NANO coin was promising, but the lack of a wallet and risks of exchanges held the project back.
The NANO digital coin is one of the more ambitious digital assets. But the official mobile wallet remains a roadblock to wider adoption, especially for a coin that prides itself on being a very fast and portable tool for everyday payments.
The NANO wallet has been in beta testing, but has not yet been released to online stores. The team has an explanation for the delay:
The issues in this case are with the app store, where only compliant apps can be accepted. Otherwise, the NANO network raises some technical issues with potential coin loss. But only wider adoption and a large transaction volume would show how well the asset performs.
The market price of NANO remains volatile, especially after the market took another downturn. NANO slid by 7% in the past day to $6.06, despite expectations it could rise to $20 again, or even $30. NANO rallied a few times this year, but every peak reached was lower than the previous. NANO only appreciated to around $10 in the past price spike.
The other problem for NANO is that volumes dwindle very quickly compared to the times the coin spiked.
NANO saw a fiat on-ramp open through Coinfalcon, a niche European service. However, users still see the worryingly slow volumes. The problem with payments is the requirement to deposit funds through a bank transfer, taking a long time by the standards of crypto coins. Hence, the volumes are extremely low, at 14 NANO per day.
The Nanex exchange, however, continues to grow. Volumes are around 8 BTC in 24 hours, and around 32 LTC in the LTC/NANO pairing.
Recently, the NANO project also released an update to its node software, with optimized performance and a better shutdown process. Users report no network problems after the recent update this May 10.