Publicly Listed NAGA Group Aims to Raise $220m in an ICO

The firm founded by Yasin Qureshi, Christoph Bruck and Benjamin Bilski continues with a new venture.

NAGA Group, one of the most successful listed ventures in the forex industry, is preparing a token sale. The company behind the social trading app SwipeStox, and Switex, which is a platform for the trade of virtual goods, is preparing a new ecosystem. Since listing via Deutsche Börse, the company’s shares have grown more than fourfold.

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The NAGA Wallet which the company is preparing aims to unite the company’s two current projects into a single ecosystem. The firm aims to connect the wallet to leading crypto-exchanges and enable the conversion of fiat money and cryptocurrencies into its own NAGA Coin.

With SwipeStox going beyond social trading and turning into a robo-advisory service in September, the new ecosystem aims to bridge two worlds together. The company is aiming at the key demographic of millennials with Switex. This exchange aims to deliver a centralized marketplace for virtual items from computer games.

The NAGA Wallet aims to enable an ecosystem for the social trading of cryptocurrencies, virtual goods and stocks. The concept of enabling gamers to turn their passion into a wealth generating hobby has been a dream come true for many millennials.

The sale of virtual items has been going on for a while, but the lack of a centralized exchange has hampered the concept. It remains to be seen what the reaction of game developers will be to the project.

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ICO Details

NAGA Group is preparing a hardcap token sale of 400 million NAGA Coins and plans to offer 55 percent to interested parties. No additional tokens will be generated after the initial offering. The blockchain-based ERC20 token NAGA Coin (NGC) will cost $1 with a token sale volume of up to $220 million.

Token sale proceeds will be used for a variety of projects. The further development of Switex and SwipeStox will ensure continued interest in the ecosystem.

NAGA Group is committing 50 percent of the proceeds to marketing. Another 30 percent will go to tech development, 10 percent will be dedicated to legal and regulatory requirements and another 10 to business development.

NAGA Group will deploy the NAGA Wallet on the 20th of November. Buyers can purchase tokens by using other cryptocurrencies or fiat.

The first 20 million tokens will be distributed in a pre-ICO that starts on the 20th of November with a 30 percent bonus. The remaining $200 million will be distributed in the main token sale that starts on December the 1st and ends on December the 15th.

New users of SwipeStox and Switex will be able to select NGC as the base currency and existing ones will have the option to use it as a payment method.

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