Upcoming ICO: Publicly Traded Naga to Tap the ICO Markets for More Funding
It was only a few short months ago that fintech startup Naga was pursuing an IPO on the Frankfurt Stock Exchange. The ICO was oversubscribed and the company boasts a share price that’s above its listing price, but that has not stopped Naga from planning to raise additional funds with an upcoming ICO. Naga is trying to achieve a decentralized platform for data across gaming and financial services.
The Hamburg-based startup’s July IPO raised USD 2.86 million on the heels of another USD 14.2 million funding round with China-based investment firm FOSUN. Incidentally, for a country that has banned ICOs, China-based investors increasingly find ways to back blockchain startups.
Naga, meanwhile, appears to be making the rounds in the capital markets across currencies, but there is something to the upcoming ICO to give investors comfort. Naga is operational, generates monthly revenue and boasts thousands of members on its platform, which is more than many other startups raising funding through a token sale can say.
Upcoming ICO: Naga’s Many Moving Parts
Naga is comprised of several moving parts under the brands Naga Markets, Swipestox and Switex across a technology holding company, robo advisory, and a platform for trading financial and gaming/virtual goods. The Naga coin and Naga wallet link the company’s multiple projects. It’s an ambitious roadmap, one comprised of decentralizing the financial markets, serving the unbanked around the world with a debit card and becoming the Amazon of gaming. No wonder they need to raise so much capital.
The Naga ICO begins on Dec. 1 at which time the company will sell its one NGC token for USD 1 with a target of 30 million of its tokens. Half of the funds they raised will go toward marketing, with the balance being directed across salaries, licenses, R&D, etc. They are accepting both fiat money and cryptocurrencies during the upcoming ICO. The ICO is closed to the United States, China and Vietnam.