The NAGA Group, a German FinTech company behind the social trading app SwipeStox, has launched its token pre-sale.
Just months after completing its initial public offering, the company has announced an initial coin offering (ICO), with the proceeds aimed at funding a variety of internal projects.
Its token pre-sale began today and will end on November 27, or when the pre-sale token supply (20 million NGC) sells out. The tokens will initially be priced at 1 NGC to $1, though a 30 per cent bonus is in effect during the pre-sale. The ICO has already 34 per cent of the 20 millon NGC target.
The NAGA Group AG’s flagship product is SwipeStox , a robust trading platform which combines social features like chat channels, timeline updates, following and watching other users.
Launched in 2015, SwipeStox boasts tens of thousands of active users, millions of dollars in revenues, and a total trade volume of over $49bn to date.
Its other product is Switex, which claims to be the first independent legal virtual goods exchange platform. It allows video game players to buy in-game virtual items from other gamers as well as from the game publishers themselves. The ICO proceeds will help.
The NAGA Group AG broke records earlier this year, launching the fastest-performing German IPO in the last 15 years. It was originally listed on the Frankfurt Stock Exchange in July with a total issue volume of $2.86m (€2.51m) and an initial price of €3.60 ($4.2) per share. Just four months later, its share price reached €14.0 ($16.5) per share.
Next year, Naga is looking to launch the NAGA wallet to connect with leading crypto-exchanges and enable the conversion of money and cryptocurrencies into its own NAGA Coin (NGC).
To do this, the company has added Bitcoin.com CEO Roger Ver and COO Mate Tokay to its advisory board. The founder of the Evercoin cryptocurrency exchange and Pantera Capital, Miko Matsumura, had also joined the advisory board.
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