With the launch of its pre-ICO, the german FinTech company is setting new standards to the current ICO sector, eventually bringing trust to this funding vehicle.

NAGA Group is a Hamburg-based company operating ventures in financial services, financial technology and innovation incubation categories. Founded in 2015, the group develops and launches innovative fintech solutions, which aim to transform an outdated banking sector.

A few months ago, NAGA Group conducted the fastest-performing German IPO in the last 15 years. The company is now listed on the German Stock Exchange in Frankfurt, with its shares trading at about 500% above the original issue price. With a team of more than 120 people, NAGA Group has a market cap of over $250 million USD.

Prior to an IPO, the group successfully completed its Series A funding round, raising €12.5 million from a global Chinese investment group FOSUN. It has also secured financing from Hauck & Aufhäuser, which is one of the largest private banks in Germany.

Following a successful IPO, NAGA Group launched a pre-sale on Monday, which will continue until November 27 or until the token supply of 20 million NGC is sold out. On December 1, the company will launch the main ICO, planning to raise $300 million for further development of its projects.

By launching a token sale, NAGA Group is changing the current ICO sphere, introducing new standards to the market. Despite the rapid growth in the number of ICOs, this funding method remains to be a risky investment.

Unlike other ICO projects that often don’t have actual product or service behind them, NAGA is already a publicly traded company processing billions of dollars in trading volume. Besides, it has already gained support from major investors, such as Hauck & Aufhäuser and FOSUN. And in case other publicly traded companies follow NAGA’s example, the ICO market is likely to change, becoming more attractive for big investors.

The NAGA Group’s main product is SwipeStox, the social trading app which is already used by tens of thousands of active users. Created in 2016, the platform brings millions of dollars in annual revenues and a total trade volume of over $49 billion. Another project owned by NAGA is Switex, a platform for trading of virtual goods, such as in-game items and concert tickets. Although it is still under development, the product is set to be launched at the beginning of 2018.

In addition, currently the company is developing a new product that will combine features of both SwipeStox and Switex. Called NAGA Wallet, the new platform is designed to become the world’s first centralized exchange for trading of financial and virtual goods. It will ensure complete security, allowing users to deposit and exchange both: digital currencies and fiat money.

Recently, NAGA Group announced that Evercoin founder, Miko Matsumura, the CEO of bitcoin.com, Roger Ver, and his colleague, Mate Tokay, bitcoin.com COO, have joined the company’s board of advisors. With the help of these cryptocurrency experts, the group will be able to build a powerful platform for barrier-free investing into stocks and virtual goods.

Share This article

We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Coinspeaker Ltd.