As part of our project focus series, we had a discourse with Mr. Yasin Qureshi who heads the NAGA project, and the following is the documented session;
Hello Yasin, regarding the ITS, how much are you planning to raise and what will it be used for?
As we already have a business with billions of real money in trading volume the majority of the ITS proceeds will be used to grow the user base and hence the demand for NGC. The remaining part of the ICO proceeds will mainly be used to complete the development/implementation of the NAGA Wallet and further enhance our technology to make trading and investing in virtual goods, financial markets and cryptocurrencies accessible and convenient for everyone.
As a result of being publicly listed and having access to the conventional capital markets for funding, NAGA is in a comfortable position to execute its strategy and growth even without significant funding from the ITS.
The core objective of the ITS is to establish one unit of account for our platforms and use the proceeds to grow this ecosystem.
Do you have any partnerships or industry associations in the making?
NAGA has a proven and successful track record in
- On-boarding the most reputable and largest companies in the world as investors (i.e. FOSUN Group, China´s largest private conglomerate or one of Europe´s oldest banks (Hauck & Aufhaeuser, founded in 1706))
- Integrating market leading financial institutions within the trading space (i.e. FXCM, Think Markets, BD Swiss)
We are in the process to also on-board further market leaders within the gaming space for our platform SWITEX. For more information check out www.switex.io
Additional strategic partnerships – being a proven core element of our growth strategy – are being worked on constantly and will always be an integral part of our (open-API-philosophy and) strategy.
Being a fully transparent and regulated listed company with a 9 digit Euro market qualifies us to literally win any investor / strategic partner – regardless of their size or market share (see FOSUN Group).
Do you think there will be an impact of the ICO ban in China and other places on Naga’s crowdsale?
Even though some countries have a general ban on ICOs we feel that the impact is going to be limited.
NAGA performs an Initial Token Sale.
Many companies either don’t qualify revenue or size wise to issue their shares via an IPO and/or they are trying to avoid the costly and time consuming process of being publicly listed. Hence these companies camouflage their shares / securities as a token to avoid due diligence, transparency, reporting requirements etc. that would usually come along with being listed.
As we have already successfully IPO’d on the Frankfurt Stock Exchange we are not issuing a security (as we already did on the Frankfurt Stock Exchange) but a true blockchain based token as a unit of account for our platforms and ecosystem.
We believe that the regulators core objective is to prevent such ICOs that are basically simple re-wrapped unregulated IPOs.
What are the future plans for the project?
Focusing our technology development on user experience, simplicity, peer-2-peer features and transparency to make our ecosystem for financial markets and virtual goods the leading crypto-ecosystem for trading and investing.
Essential within this process will be connecting as many gaming publishers as well as financial institutions into our open API-ecosystem as possible.
What is the main idea behind the project and why did you decide to start it?
Financial markets, virtual goods and crypto-currency trading and investing is complicated, user-unfriendly, inconvenient, non-transparent and often unsafe.
Despite these sectors being the largest markets in the world.
Having worked within the (investment) banking industry these problems have been constant obstacles when trying to serve our clients.
We are aiming to make these markets accessible, simple, comprehensive, safe and transparent.
Blockchain technology is expected to alter the landscape and/or create efficiencies in almost every industry. In what ways does your technology address these?
- Accessabiliy: no requirement to depend on banks to perform your trading and investment activities
- One base currency (NGC) to participate across multiple asset classes (financial markets, virtual goods, crypo-currencies) –one unified economy
- Transparency and safety: especially within the gaming sector the authenticity of virtual goods is crucial
- Traceability and compliance: automated audits
- Fraud prevention and security
- Live economic participation of all participants within the value chain: employing smart contracts to distribute profit shares, affiliate bonuses (and in future even taxes)
- Making accounting absolete: smart contracts will
- Automating the entire (regulatory) reporting
When and why did you first decide to do an ICO?
When we started to create switex.io early 2016 as the world´s first open and regulated market space for virtual goods the only way to do this was by using the blockchain technology and to create our own unit of account. As this was a necessity to launch switex.io we developed the strategy to establish one token across all asset classes including financial markets and crypto-currencies by establishing the NAGA Wallet.
Give us an insight into the preparation that was made to get the project to this point?
The preparation of this ICO was an extensive six months plus of hard work and a deep learning exercise covering all possible and imaginable angles from technology, security, regulatory, taxes, multi legislation and cross boarder matters, to marketing / PR and of course in depth crypto-economics.
Today’s status represents the efforts of more than 100 highly skilled and dedicated specialists, market leading advisors, law firms, technology wizards, auditing firms and team members.
What makes this project especially exciting for ICO participants? What makes them want to join?
The company’s NAGA Wallet aims to bridge the two projects (switex and swipestox – gaming and trading) and enable an ecosystem for social trading of cryptocurrencies, virtual goods and stocks. The concept of enabling gamers to turn their passion into a wealth generating hobby has been a dream come true for many millennials.
Participating in the NAGA ITS hedges anyone’s bets:
You have something that you can really use and that brings you immediate benefits;
Having a token that allows you to trade and invest across multiple asset classes and use-case that already exist within the NAGA-ecosystem with billions of trading volume.
You have something that can drastically increase in value;
Having an additional upside in the value increase of the NGC token as there is a fixed limited supply but a merely unlimited potential demand NGC
NAGA has an extremely high likelihood to further grow – we are not starting from scratch but merely “just have to continue growing” which makes a success very possible. We are tackling the largest markets in the world.
We already have proven track record with 400%+ growth on the stock markets and an aligned team of highly committed professionals.
NAGA has the potential to truly bring financial, virtual good and crypo-currency trading to the masses and hence unlock a potential 2+ billion users.
Furthermore NAGA contributes to making these markets accessible to everyone and hence truly contributes to not only the crypto-community but every potential trader or investor that has until today been restricted from participating either by complexity, accessibilty, transparency or safety.
Where are you in the actual development phase of the project?
We are already live with all our current core value and revenue drivers, generating millions of turnover and billions in trading volume.
We will add virtual goods as tradeable and investable asset classes in Q1 2018. Also the NAGA Academy will go live in 2018 and hence open financial trading, virtual goods, FinTech and crypto-currencies to a massively broader audience.
The NAGA Wallet that then unifies all asset classes will go live in Q2 2018.
After a successful ITS, what is the timeline for coming to market?
As stated earlier, we are already live and at the market generating millions in revenue and billions in trading volume. All coming developments will serve to further improve and expand our platforms into other asset classes and grow our user and revenue base.
- co Q1 2018
- NAGA Academy Q1 2018
- NAGA Wallet Q2 2018
Are you focused in any specific geographic areas?
No – the clear goal to make trading and investing in financial markets, virtual goods and crypto-currencies accessible for everyone – no matter where they are based.
For those who have read your whitepaper and other info, is there anything else you want to add to convince them to participate?
Visit switex.io and download our app swipestox and let a mutli billion trading volume and thousands of users speak for itself!
Thanks for you time Yasin, we wish you a successful ITS.
Thank you too, we appreciate the effort.
For more details, follow the NAGA Group ITS here.