Due to the current monetary setup that is utilized by nations all across the globe, banks and financial institutions are able to control, access and operate large sums of money in a highly opaque manner. As a result, there is a loss of liquidity for virtual goods, as well as a lack of a single interface that can be used to access financial, virtual and crypto markets.
Naga is a fairly new cryptocurrency that has been developed by a German fintech company called the Naga Group. The aim of the company is to establish trading platforms that can facilitate the exchange of stocks and virtual goods in a safe and streamlined manner.
Naga Coin (NGC) is the currency that will drive all internal transactions taking place within the parent ecosystem. The exchange platforms on offer include:
- Naga Trader — a social network for traders
- Switex — a decentralized marketplace for virtual goods
Naga Trader allows users to buy, hold, and invest in a whole host of financial vehicles such as:
Switex is an online marketplace where gamers are able to trade items and badges in a transparent and hassle-free manner.
Overview of the Naga Ecosystem
- Its trading platforms provide users with a high level of security and accessibility.
- Naga facilitates the trading and exchange of virtual as well as physical assets.
- It provides gamers with a highly user-friendly platform on which to exchange digital items and goods.
- A total of 220,000,000 NGC tokens have been created.
- The native currency is based on the Ethereum blockchain.
Through the creation of a decentralized cryptocurrency, Naga aims to solve issues related to high processing fees and transaction charges that are incurred due to the interference of intermediary service providers such as banks.
Overview of the Naga ecosystem (courtesy of the whitepaper)
It should also be noted that NGC tokens are especially useful for gamers since they possess the ability to drive in-game transactions in real time, thereby eliminating the need for large gaming entities such as Steam and GOG which are known to charge high processing fees.
Naga Coin can be used within other financial domains such as:
- Economic trade markets, via Naga Trader
- Virtual currencies, via the native Naga wallet
Lastly, all of the aforementioned activities can be carried out through a single consolidated system that does not require users to have access to a bank account.
How Naga Works
For starters, Naga Trader can be thought of as a social network for digital asset traders. Since its launch, this platform has processed over 2 million transactions and has seen exponential growth of over 100% within the last year alone.
Core features offered by Naga Trader
From a functional standpoint, Naga Trader makes use of an investor leaderboard which allows users to monitor the activities of established traders over a given period of time. Users can then copy the trades of these investors to maximize their ROI.
Naga Trader also gamifies the entire trading experience to increase user participation and overall usability. The interface is experience-driven and is compatible with mobile phones, thereby allowing for remote trading as well.
Similarly, Switex is a blockchain-based exchange platform which facilitates the trading of in-game items in a completely decentralized manner. If it’s successful in fulfilling its vision, Switex will become the first legal ecosystem to allow for virtual goods trading among video game lovers all across the globe. Not only will it increase customer participation, but it will also allow publishers, gamers, and developers to fairly distribute their earnings so as to increase returns for all of the involved parties.
Revenue model employed by Switex
In terms of its design, Switex is highly user-friendly and can be utilized by novice as well as experienced crypto handlers.
Lastly, Naga also allows for crypto exchange via its native wallet. The wallet is fully compatible with Switex and Naga Trader, and can be used to convert fiat money into cryptocurrencies in a highly efficient and safe manner.
About the company
Naga Group AG is the German fintech company that is behind this entire project. It was founded back in 2015 and currently possesses financial licenses from BaFin and CySEC.
Yasin Sebastian Qureshi is the founder and executive director of this venture. He has been in the digital and financial domain for over a decade and has previously been associated with startup companies like the Global Citizen Foundation.
Benjamin Bilski is also a director at Naga. He describes himself as a serial entrepreneur who, at the age of 21, co-founded Angelplatz.de, one of Europe’s most influential e-commerce websites. Benjamin holds a master’s degree in management from EBS University.
Lastly, Andreas Luecke is the CFO of this project. Andreas is a corporate tax lawyer who has been in the legal sector for over two decades. According to his LinkedIn profile, he specializes in M&A as well as the structuring of investments for private and institutional clients.
Since its launch late last year, Naga Coin has dropped in value by over 9%.
NGC token lifetime performance data (courtesy of Coinmarketcap)
NGC tokens were released to public investors at a base price of US$1. The currency hit its value high on January 12, 2018, when the price of a single token scaled up to an impressive US$3.02. However, as of March 8, the price of NGC stands at US$0.79.
The trading and crypto exchange services provided by Naga are quite standard and are being offered by many other companies as well. However, it will be interesting to see how Naga’s Switex platform is received by the gaming community since it provides users with a host of in-game trading possibilities.
Before making any substantial investments, individuals should check out the official company whitepaper and learn about the project.
If you would like to start investing in Naga, NGC trading pairs are currently being offered on HitBTC, OKEx, and CobinHood.