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Is Nano’s Recovery Plan Working?

NANO has made its grand entry in the online retail store sector of the UK. It has recently announced their customized wallet named ‘Jolt,’ which is a brand new hardware wallet in the market that stores various cryptocurrencies. Nano is its very first endorser and promoter as declared by Jolt during their official launch.

Earlier on PVP.ME, a person-to-person betting exchange website, announced their intention to collaborate with Nano, the low-latency payment platform, on a project. PVP.ME uses Nano’s Block-lattice technology, which is used to eliminate the waiting time on micro-transactions.

Nano has been making some progress lately in expanding the platform’s use cases and potential for future growth. For instance, it is possible to purchase old record tapes, rock music CDs and music related merchandise on UK-based online music retail stores, and pay using NANO. The fact that you can use NANO, in this case, is proof that Nano is spreading its wings in the cryptocurrency space, by making the execution of NANO payment easy, launching a compatible wallet, and giving meaning to new platforms which support NANO.

Nano users have taken to different social platforms like Reddit to show how they are buying music and various products from other websites and using NANO as payment. Nano has also provided great incentives such as discounts offered on products where payments are made in NANO.

In January this year Nano was valued at $37. Unfortunately, Nano had lost 87% in value to $4.30 in the recent days. This price drop is as a result of the current market downturn, which has not only affected to NANO but also to others. The difference is it has yet to exhibit the type of recovery the market is seeing in other cryptocurrencies.

For instance, TRON, which lost over 90% in value following its ATH, was able to recover approximately a third of its peak pricing in the recent market downturn.

The discovery of over 15 million XRB -Raiblocks (Nano was previously labeled Raiblocks) – caused as a result of a hack of the BitGrail cryptocurrency exchange, on February 8th. On the exchange, this amounts to over 150 million USD in user funds lost. This fallout ruined the remaining trust by the cryptocurrency investment base in the NANO team and currency.

Nano can recover by renewing interests in transactional currencies. Nano has to find traction among small and mid-sized internet entrepreneurs, to grow as an alternative to Bitcoin. The best marketing tool for Nano is the fact that its free and instant transactions, helping find greater price interest. Nano also needs to target a greater exchange saturation to open the currency to a broader investment base. In addition, Nano needs to learn lessons from TRON on how they were able to rebuild

Besides the severe price drop in the general market, NANO has had to fight through one of the most significant exchange hacks in all of the cryptocurrency space, as well as the ramifications of the legal fallout. Nonetheless, if they can deal with the hack and price fall, and rebuild investor confidence, the price should be able to pull up.

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Collins Valentin

Collins is a blockchain enthusiast, who spends his time between documenting the blockchain revolution in Africa, and writing the latest on the cryptocurrency space. Email: editor.news@blockpublisher.com

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