A German trading company listed in Frankfurt has joined forces with the cryptocurrency community to achieve freedom of trading for everyone.
The goal of NAGA ICO is to offer exchange and trading services to up to 2 billion “underbanked” people, per the white paper's language. A combination of social links, a market for in-game purchases and AI trading will form the entirety of NAGA's product.
The major problem that NAGA aims to solve is to give access to a trading platform and a digital market, fueled by the NAGA token. The project, listing Roger Ver as an advisor, has something of his libertarian slant. Ver, a prominent figure in the cryptocurrency community, often expresses a desire to free access to trading for everyone, without intermediaries, licenses and restrictions. Roger Ver was an early Bitcoin investor dubbed “Bitcoin Jesus”, and is currently supporting the forked coin Bitcoin Cash.
The Naga Group is an established niche-software company serving clients mostly in Germany. The firm is listed on the Frankfurt Stock Exchange.
What is NAGA ICO?
- NAGA White Paper
- Three Pager
- Country of origin: Germany
- Ticker: NGC
- ICO Dates: Ongoing Token Pre-Sale (Ends November 27)
- ICO Dates- Main Sale: 1-15 December 2017
- Hard Cap: $30 million for latest round, 20 million tokens left for sale
- Funds raised: Target $30 million
- Industry: Finance and Trading
- Funds accepted: Bitcoin, Bitcoin Cash, Litecoin, Dash, Credit Card, Bank Transfer
- My Rating:4/5
NAGA Social Media
The NAGA ICO combines a firm with an already established track record in producing fintech solutions, and the latest disruptive technology- the blockchain and tokens, which can be used to fuel trading and transform the world of investing. NAGA Group has a track record of concept building, development and successful launches of products for the booming finance sector. This is rather encouraging, as the biggest issue with ICOs is to present a robust, skillful team that will not lag in creating a product.
As with other fintech companies, NAGA Group aims to disrupt old financial technologies. With this, it is a part of a global trend to transfer the back end of banking from the current cumbersome legacy systems into more modern and agile apps and communication channels. The most optimistic prognosis for the fintech sector sees the next five to 10 years as the time frame in which the new business model would displace banks, the way digital photography displaced Kodak.
The NAGA Team
The NAGA group presents its token sale with an encouraging background: it has already a team of financial and legal experts. The company is fully compliant with European laws, and the European Union seems rather friendly to the approach of fintech startups, expecting the new businesses to give a boost to the Old Continent's sagging economy.
The NAGA group has operations in five European countries, but its token-based platform has the potential to become global. The NAGA Group has offices in Madrid, Barcelona, Hamburg, Valencia, Palma de Mallorca, and Sarajevo, covering some of the most active European hubs hosting growing cryptocurrency communities. NAGA has also representatives in Asia and is targeting the market for investors from Asian countries.
But even more curious is the NAGA team of advisors. In the first place, there is Roger Ver, an early Bitcoin adopter who worked to popularize the coin. Now, Roger Ver is promoting an offshoot of Bitcoin, Bitcoin Cash.
The rest of the team includes:
The team is much wider, as described in the white paper, and is complete with financial and legal advisors, as well as a full developers' team with blochain experts, project managers and front-end developers, a rarity for some ICOs, which rely on a handful of voluntary devs.
About NGC Token
The NAGA Coin, or NGC token is being offered with a nominal ICO price of $1, with bonuses of up to 30% for early adopters. The total supply of tokens is 400 million. NGC will operate on the Ethereum platform under the ERC-20 standard. The team believes the usage of NGC will increase its value, and it may be listed on decentralized exchanges initially. ERC-20 tokens often appear on EtherDelta first in the months after the ICO.
For now, there are no known listings for NGC token on other exchanges. A specialized wallet-plus-exchange is expected in the future, that would allow users to presumably use the token for trading, by switching to other crypto coins or regular money.
The NGC token would be involved in an ecosystem including SwipeStox, a social network for traders, Switex- a virtual goods exchange. A NAGA Trading University is also intended for the future, along with auxiliary brokerage services.
Investing in NAGA: The Pros
The ICOs that already have a running business are few and far between. With this, NAGA ICO earns a lot of trust for its partnership with the German fintech company. There is also a great hunger for well-run exchange platforms to achieve pricing mechanisms for the ever increasing and promising types of cryptocurrencies.
While several other ICOs have intended to build trading platforms, the NAGA group has the advantage of also including other asset classes.
The other big plus is the legal compliance. The ICO does not accept bank transfers of more than 2,000 Euros without a special verification- this is a usual cut-off sum for alerting European regulators and starting a KYC procedure. With ICO regulation restricting this type of financing, NAGA group is in a good place when it comes to the state's acceptance, as Germany is one of the countries that has been very friendly to Bitcoin and its offshoots.
The high public profile of the NAGA ICO, related to Roger Ver and other community leaders and prominent speakers is a rather good sign. It is not so rare that teams merely go off the radar and never come up with a product, with the most extreme case the Confido ICO, where the users deleted their online presence and hid away the money.
The NAGA ICO is well-prepared to offer a very wide option of gathering digital assets,
The Risk of NAGA
Producing a smooth-running multi-functional wallet has been a challenge for many teams. One big unknown is when the NAGA ICO would come up with the functioning software product. So far, a few decentralized exchanges or innovative platforms have been operating and servicing cryptocurrency buyers and traders, and NAGA will have to compete with the likes of Binance, BitShares, NXT and similar multi-asset marketplaces. But the cryptocurrency market and personal investment is still a very young market and hopefully, NAGA Group finds a unique niche.
In fact, the launch of the wallet is planned for April 2018, and the crypto exchange of NAGA will come at the beginning of next year- a rather long time to lock in funds in NGC tokens. In the meantime, the company plans to introduce a card linked to the tokens, but there are many unknowns about the market price. For more than a year, the NGC token will not serve its function as a means of settlement and be just another speculative crypto-asset, with unpredictable exchange listings.
In addition, the NAGA Group has a bit of instability in its financial results, with a negative cash flow from operations, as well as climbing debt. It is unknown how the financial performance of the company would affect the future projects, as they might be rather well-funded through the token sale. The NAGA Group lists a 7.3 million Euro net loss for 2016, and mostly relies on financing, but this may be just a temporary result.
Final Thoughts on NAGA
The NAGA ICO seems to be one of the better-organized token sales, offering easy access to investors coming with only fiat funds. For this, and for the thought-out business model and legal foundations, My Rating for the ICO is 4/5.
But the world of cryptocurrencies is very unpredictable, and the NGC token will have to wait for quite a long time before returns come along. Still, with a robust reference program and bonuses, this ICO may be an opportunity for long-term gains on a reasonable investment. It is inadvisable to try to “flip” an ICO, as the value of the NGC token would fluctuate and may cause sharp losses.
And while it is theoretically possible to trade on the NAGA platform without touching a bank, strangely, the ICO still relies on bank transfers to reach supporters. Otherwise, it would be possible to just use Ethereum from mining and never go through a bank, but this path is just for skilled crypto-enthusiasts, so the bombast of NAGA that it would displace banks is a bit overblown. And despite the promise that the community of traders would help sniff out fraud, there are many known cases in which fraud has happened right under the nose of a crypto coin community. So take NAGA with a grain of salt, and avoid overinvesting.
Should YOU Invest?
Honestly, most people looking to invest in altcoins, tokens, and ICOs are hoping they discover the next Bitcoin or Ethereum. The chances of that are rare.
So where is your money best invested? My recommendation might surprise you. It's free to join, and won't require that you invest in risky cryptos!