Southeast Asia’s leading mobile entertainment group iCandy Interactive Limited (“iCandy Interactive”) has announced that its cryptocurrency – Nitro – is the first in the world to be backed by a publicly listed company (independently verified by DealStreetAsia.com). Nitro is designed to democratise the video-game economy by making it easy for anyone to participate in and benefit from the economy of the video-game industry, while bringing together all the stakeholders of the industry onto an integrated platform and community.
Potential Disruption to Public Market Financing
Lauded as a revolutionary technology, blockchain has disrupted the financial world with its various implementations – from digital currencies, to remittance, as well as the raising of capital. Initial Coin Offers (ICOs) are increasingly popular as a method for startups to raise capital via the use of cryptocurrency. However, this has also courted controversies with regulators around the world, as ICOs are often conducted by individuals and businesses that have little or no business track-records. This issue is compounded by the lack of adequate processes and documentation that would otherwise be required for conventional offerings through the public markets. Despite the controversies, ICOs are potential disruptors of the US$200 trillion per year capital markets, posing as a new means of fund-raising for public companies.
With the increasing interest around ICOs, it is becoming particularly important for an ICO project to be supported by credible companies and individuals. In the rapidly-changing crypto-sphere, there is an emergence of an enhanced ICO model, where credible mainstream companies use ICOs to launch new funding initiatives in a professionally managed framework. This is the first time a company listed on a major international stock exchange is actively backing a cryptocurrency project. It could pave the way for a new trend of mainstream public companies using ICOs to launch new funding initiatives in parallel to the capital markets that they are trading in.
Nitro: Allowing Participation in video-games economy
The video-game economy is a US$100 billion economy per annum that is largely controlled by large corporates. Nitro aims to disrupt that. It comprises of two parts, a new cryptocurrency called NOX and an online marketplace called Nitro Marketplace.
NOX, a cryptocurrency token based on the Ethereum platform will be the centrepiece of Nitro’s activities. NOX will enable token-holders globally to participate fully in the video game economy via:
- Voting for the new games they wish to see receive funding from Nitro
- Engaging with game producers and promoters
- Using NOX tokens for in-game items/currency
- Game-titles funded by Nitro will share a portion of their revenue with Nitro and NOX holders stand to receive rewards for participation and contribution to the network.
The Nitro Marketplace will empower interactions and transactions between stakeholders across the video-games industry in an efficient manner. For example, it will allow gamers to discover and play new games promoted by game studios. In turn, gamers can be incentivised directly by game studios to try out the new games.
Why Crypto-Currency
While Nitro is a platform that will connect promoters, developers and gamers directly in an interactive market place, these various parties will need a safe and reliable means of transaction. A crypto-currency is the perfect mechanism to transact, and to realise value in a secure and efficient manner. Not only does NOX provide a way to transact, it can also be worked into the games themselves – either as rewards or credits. The main target group, gamers and game developers, are likely to be early digital adopters, groups that could well understand and see the potential in a platform bound by a crypto-currency.
Crowdsale of NOX (NITRO Token)
NOX, as a cryptocurrency, will be made available to interested purchasers via an online crowdsale. The crowdsale of NOX will be managed by iCandy Ventures, in compliance with the business and investment laws of the British Virgin Island, where iCandy Ventures is incorporated. The crowdsale will begin on 7th November 2017 and will be conducted via Nitro’s website at www.nitro.live. A pre-sale prior to the crowdsale will be announced on the website soon. There will be up to 60 million NOX available for sale, raising up to 50,000 Ethereum (ETH), carrying a value of approximately US$15 million at today’s prevailing Ethereum price.
About iCandy Interactive
iCandy Interactive Limited (“iCandy”) is an Australian incorporated public company that has its core business in the development and publishing of mobile games and entertainment for a global audience. iCandy is listed on the Australian Securities Exchange (ASX) under the symbol ICI.
iCandy runs multiple subsidiary games studios in Malaysia, Singapore and Indonesia, including award-winning games studios Appxplore and Inzen Studio. iCandy is one of the leading mobile entertainment group in Southeast Asia with over 20 million installs over their player network. Top games made by iCandy include Crab War, Alien Path, Star Tap and Dark Dot. Almost all of iCandy’s games titles have been recommended and featured on Apple’s App Store (iOS) or the Google Play Store.
For more information visit www.icandy.io
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