SINGAPORE, Nov. 16, 2017 /PRNewswire/ -- NITRO -- a cryptocurrency project to solve ecosystem problems of the video games industry -- announced the first cryptocurrency in the world backed by a publicly listed company (independently verified by DealStreetAsia.com). NITRO is founded by the management of iCandy Interactive Limited ("iCandy"), a Southeast Asia's leading mobile entertainment group listed on the Australian Securities Exchange (ASX).
Backed by existing award-winning business
NITRO has a unique proposition compared to many new emerging cryptocurrencies. It is backed by iCandy, which is an existing award-winning game business with many prominent institutional shareholders. iCandy has been in the business of developing and publishing games for more than 6 years and it has a reach of 348 million smartphone users. NITRO Token will be introduced into games developed and published by iCandy, potentially setting it up to be the cryptocurrency that has the largest ready audience from the onset.
Solving Ecosystem Problems
The video-game industry is a US$100 billion industry annually. NITRO seeks a holistic, end-to-end approach to solve the challenges of this ecosystem. One of the key features of NITRO is that gamers or laymen can easily become holders of NITRO token to participate in the booming video-game economy. This is allowing democratising the participation of the economy, which has been impossible to do prior to the emergence of blockchain technology. Gamers will also be able to use the cryptocurrency in all games on NITRO Marketplace for in-game purchases, get incentive and participate in the game development.
Backed by Prominent Corporates
NITRO is backed by prominent corporate backers in the form of shareholders of iCandy Interactive that include Fatfish Internet Group, and Incubatefund, Baidu (USD60 billion marketcap Chinese Internet company) and the Global Mobile Developer Confederation (GMGC).
NITRO will fund the development of game titles from its token sale proceeds and funded games will share revenue up to 20-30% of their revenue with NITRO over a period of 5 years from the date of funding.
Initial Coin Offering (ICO) of NITRO Token
NITRO Token, as a cryptocurrency, will be made available via an online sale. A pre-sale will be conducted from 19 November till 23 November 2017, while the actual crowd sale will begin on1 December 2017. All sales will conducted online via NITRO's website at www.nitro.live.