NAGA wants to be the smart cryptocurrency for stock trading and gaming. Find out how it works today in our review.
What Is NAGA?
NAGA is a cryptocurrency announced in early November. The cryptocurrency is being developed by the NAGA Group AG, a German fintech company headquartered in Hamburg.
The goal of the company is to make transactions in stocks and virtual goods more secure and accessible to everyone. To do that, NAGA will launch its NAGA Coin (NGC) cryptocurrency.
The NAGA Coin serves as a decentralized unit of calculation inside NAGA’s trading platforms, which include SwipeStox and Switex. SwipeStox allows users to buy, hold, and invest in equities, CFDs, ETFs, and commodities, while Switex is a virtual goods marketplace where gamers can securely trade virtual items.
The NAGA Coin token sale begins with a pre-sale on November 20, with the main ICO starting on December 1.
What Problems Does NAGA Seek to Solve?
NAGA seeks to solve a major problem with today’s financial markets. Here’s how the whitepaper explains the core problem the platform seeks to solve:
“Investments and trading are ruled and governed by greedy banks and corporations that control access, operate non-transparently and always take a cut of your money.”
NAGA aims to solve that problem by creating a single decentralized cryptocurrency for the financial market and gaming industry.
How Does NAGA Work?
NAGA’s solution is to create one decentralized cryptocurrency for multiple financial products, including:
- Financial Markets (through their Swipestox platform)
- Virtual Goods (Through Switex)
- Cryptocurrencies (Through their NAGA Wallet)
The company enables everyone to make money on one platform in a simple, secure way without the need for a bank or a bank account.
Here’s a brief overview of each of the three NAGA platforms:
SwipeStox is described as a social network for traders. The platform has processed 2 million transactions within 12 months of its launch, and currently generates about $3 to $4 billion USD in trading volume each month. The platform has also experience at least 100% growth in the last six months.
SwipeStox consists of a leaderboard where you can monitor the top traders over a given period, then tap “auto copy” to automatically copy all trades made by those traders.
However, SwipeStox doesn’t just separate experts on one side and beginners on the other. SwipeStox also allows users to be the expert for a specific market or situation. These users can generate followers, then make money as they collect more followers.
SwipeStox also emphasizes a gamified experience that distinguishes itself from other brokerage platforms. It is mobile and user experience driven, and delivers more of a gaming experience than a traditional broker experience. NAGA has done this to open up asset trading to the worldwide market of gamers.
Switex provides traders around the world with a platform for transparent blockchain-based item trading. The Switex blockchain is the core part of the ecosystem. That blockchain stores the signing up virtual goods and all transactions.
Overall, Switex aims to be the first legal ecosystem for virtual goods trading among gamers. It will allow gamers, game developers, and publishers to profit fairly and participate in P2P trading.
The market is designed to be simple and easy to use. Gamers can easily post offers, have full control over their items (including prices, limits, and restrictions), and earn money through secure virtual item sales.
NAGA will enable the depositing of tokens via the NAGA Wallet into SwipeStox and Switex, as well as any future platforms that will be part of the NAGA ecosystem. The wallet will be connected to leading crypto asset exchanges. Users can convert fiat money into cryptocurrencies using the wallet.
NAGA Coin, or NGC, serves as the base currency across the platform. All NGC holders will participate in every transaction initiated via NGC and executed on the NAGA platforms listed above. All transaction fees from the platform will be deposited into a NAGA Coin Loyalty Fund.
The NAGA Coin ICO
The NAGA Coin (NGC) ICO is scheduled for the following dates:
- Pre-Sale: November 20 (00:00 CET) to November 27, 2017
- Main Sale (ITS): December 1, 2017 (00:00 CET) to December 15, 2017
The NGC tokens are sold at a base rate of 1 NGC = $1 USD. There’s a total of 220,000,000 NGC tokens available for sale, out of a maximum supply (hard cap) of 400,000,000 NGC tokens. No further tokens will be created after the sale.
You can participate in the ICO using a number of different payments methods, including Bitcoin, Litecoin, Ethereum, Dash, credit cards, and bank transfer.
NAGA Group is aiming to raise $200,000,000 USD during the main sale along with $20 million through the pre-sale.
NAGA coin is a currency on the Ethereum blockchain.
Who’s Behind NAGA?
NAGA is being developed by the NAGA Group AG, a Hamburg-based fintech company founded in October 2015. The company has financial licenses from BaFin and CySEC, and was listed on the Frankfurt Stock Exchange on July 10, 2017.
Today, the company consists of a team of 120+ people across Europe. The company’s goal, according to the NAGA whitepaper, is “to make financial transactions in stocks and virtual goods more secure and accessible to everyone.”
The NAGA team includes Yasin Sebastian Qureshi (Founder and Executive Director), Christoph Bruck (Founder and Executive Director), Benjamin Bilski (Founder and Executive Director), and Igor Kulatov (Founder and Chief Technology Officer).
NAGA aims to be a smart cryptocurrency for stock trading and gaming. There are three core parts of the NAGA ecosystem, including a trading platform (for traditional assets like stocks), a virtual items trading platform (for virtual goods in games), and a wallet (for exchanging cryptocurrencies and fiat currencies). More platforms are expected to be added to the NAGA ecosystem in the future. Right now, the stock trading platform (SwipeStox) is already running and processing $4 billion USD worth of transactions each month.
To learn more about NAGA and the upcoming ICO, visit online today at NAGAICO.com.