NAGA Group Undergoes Token Pre-Sale, Prepping NAGA Wallet

On the heels of a successful initial public offering (IPO) this summer, NAGA Group has moved forward with an Initial Coin Offering (ICO) ) today. The proceeds for the token sale will be aimed at preparing a new ecosystem and a funding variety of internal projects.

NAGA Group is the company behind the social trading app SwipeStox, and Switex, which is a platform for the trade of virtual goods. The ICO proceeds will look to kindle and sustain the future development of these apps, which will look to build on its previous success of its IPO this past July.

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NAGA Group AG was originally listed on the Frankfurt Stock Exchange in July in the SME segment scale with a total issue volume of $2.86 million (€2.51 million) and an initial price of €3.60 ($4.2) per share. Just four months later, its share price has exploded to €14.0 ($16.5) per share at the time of writing, with news of its ICO also helping buttress its valuation.

Token pre-sale kicks off

The group is also preparing NAGA Wallet, which represents its two ongoing projects merging into a consolidated 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 (NGC).

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 focus of this initiative is millennials and more specifically Switex. Indeed, this exchange will aim to deliver a centralized marketplace for virtual items from computer games.

Overall, NAGA Wallet represents the group’s efforts to facilitate an ecosystem for the social trading of cryptocurrencies, virtual goods, and stocks. While there is no shortage of channels for the sale of virtual items, the lack of a cohesive and centralized exchange has largely handicapped this effort.

As such, NAGA’s token sale has begun today and will last a period of seven days until November 27, 2017 or when its pre-sale token supply of 20 million NAGA Coins sell out. The tokens will initially be pegged at 1 NGC to $1.0, though a bonus is in effect during the pre-sale.

By extension, a remaining $200 million will be distributed in the main token sale that starts on December 1, 2017 that ends on December 15, 2017. In particular, NAGA Group is committing 50 percent of the proceeds to marketing with another 30 percent will go to tech development. 10 percent will be devoted to legal and regulatory requirements with the remaining 10 percent business development initiatives.

A successful token pre-sale and consequent ICO could herald a new paradigm in the industry for companies looking to raise funds. Few companies have opted for both an IPO and ICO, let alone in the same calendar year. Prolonged success leading into year’s end could signal more companies’ readiness to explore a blend of funding mechanisms moving forward, given NAGA’s trajectory from a public listing to an ICO in a short window of time.

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