German FinTech start-up NAGA Group, which provides social trading app SwipeStox, is looking to raise $30m through its ICO
The company, backed by Chinese conglomerate Fosun International, has launched an initial coin offering of its crypto-currency NGC Token. The goal of the offering is $30m and all unsold tokens will be burned according to the company.
To date, it has raised more than $18.7m through selling NGC tokens, having reached its $1m soft cap in just 10 minutes. Proceeds of the ICO will be used for the development of the NGC and its ecosystem.
Back in March, Fosun and its subsidiary, Hauck & Aufhauser, a private bank based in Germany, participated in NAGA’s €12.5m Series A funding round.
A few months later, the NAGA Group AG broke records by 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.
After NAGA completed the initial public offering, Fosun became the largest shareholder with a 27.3% stake.
The NAGA Group AG’s flagship product is SwipeStox, a 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.
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).
Last year, more than $507m was invested across Germany’s FinTech sector according to data by FinTech Global.
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