The NeonExchange project, which was more commonly known under the name “NEX”, has changed its name to “Nash” as part of a rebrand. Carla Paiva, Nash’s chief marketing officer, says that the project was facing legal action in late 2018 from a company that was claiming rights to the “NEX” name. In response, the team decided to change the project’s name rather than trying to settle the matter in court.

Claire Saunders, a member of Nash’s communications team, continues to explain that the name change is beneficial for the project as it removes the potential misunderstanding that the platform they are building is solely focused on the NEO blockchain ecosystem:

“NEO is one of the networks to be supported at launch and we used it to hold our ICO. A number of our founders and developers are also major figures in the open-source NEO community. However, we don’t wish to overstate the connection between our company and NEO. We are our own project and could migrate our infrastructure to another blockchain if necessary.”

Importantly, the ticker for the NEX token remains the same, referring to the name Nash Exchange. The exchange will feature a non-custodial design that uses an off-chain order matching engine to gain a performance boost over existing decentralized exchanges.

The NEX token has been registered as a security with Liechtenstein’s Financial Market Authority and will grant its holders a portion of the fees collected by the platform. The project raised almost $22 million through its September 2018 ICO.