One of the major stumbling blocks when it comes to cryptocurrencies is just how convoluted the process of sending and receiving is.
Yesterday, German fintech powerhouse The NAGA Group AG released a Bitcoin and cryptocurrency wallet that looks set to change the way people interact with their digital 'money'. Known as the NAGA Wallet, it is promising fast, cheap transactions and the ability to send and receive crypto payments just by using an email address rather than the complex cryptocurrency addresses that are commonplace with blockchain services.
Positioning itself as one of the most 'user-friendly' cryptocurrency wallets on the market, the NAGA Wallet aims to make investing in various cryptocurrencies much easier. Essentially, it works almost like a mini-exchange, where users can convert or swap cryptocurrencies in their trading account like they would on Binance or Coinspot.
Users have the ability to safely store, send, convert, receive and transfer a range of cryptocurrencies as long as they have a NAGA Trader account. Registering for the account means that you can lock in your email address and use that as the address used to send and receive cryptocurrencies.
Currently, the NAGA Wallet accepts NAGA's own cryptocurrency, the Naga Coin, plus Bitcoin, Litecoin, Dash, Bitcoin Cash and Ethereum or any other ERC20 token. Transactions and storage are protected by 'multi-factor authentication'. Beyond that, the NAGA Wallet is "instantly connected to stock, forex, CFD and commodity trading"
The NAGA Group AG have a whole host of products - or an 'ecosystem' as they like to say - based on the blockchain, and are making huge waves in the fintech space. After being listed on the Frankfurt Stock Exchange last year, they saw their share price rocket by upwards of 400% in just three months. They understand the marketplace they are getting into, with apps like SwipeStox, a social trading app, and Switex, a virtual goods exchange platform, already delivering them much acclaim.
The wallet is definitely designed for those that are looking to get more active in cryptocurrency trading and investing but can also be used as a simple 'store of value'. In addition to their aforementioned products and the Wallet, NAGA also float their own cryptocurrency token, known as the Naga Coin, which the Wallet can trade in, too. You won't find the coin on too many of the big exchanges currently, NAGA Group AG have essentially kept it to themselves, so the Wallet is one of the few ways you can actually get into the token if you so wish.
Notably, NAGA also plan to release their own Debit Card in the future which would allow you to spend and withdraw money, including your cryptocurrencies, wherever MasterCard is accepted. That development is set to come sometime later this year. The initial run will feature only 10,000 cards and you can pre-register now.
We'll have a more extensive look at the NAGA Wallet in the coming weeks.