Get to know: iCandy Interactive, the company supporting the development of Nitro
Southeast Asia’s leading mobile entertainment group iCandy Interactive Limited (“iCandy Interactive”) announced that it would be backing the independent Blockchain based cryptocurrency — Nitro. Nitro is designed to democratise the video-game economy by making it easy for anyone and everyone to participate in and benefit from the economy of the video-games industry, while bringing together all the stakeholders of the industry onto an integrated platform and community.
Who and what is 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:ICI).
iCandy is one of the leading mobile entertainment groups in Southeast Asia, with multiple subsidiary games studios in Malaysia, Singapore and Indonesia. Some of these award-winning game studios include Appxplore and Inzen Studio. iCandy has also produced award-winning games such as: “Crab War”, “Dark Dot” and “Alien Hive”, with over 20 million installs over the player network worldwide. Almost all of iCandy’s games titles have been recommended and featured on Apple’s App Store (iOS) or the Google Play Store.
What’s the big deal with having iCandy as a backer?
Given this wealth of resources and experience, iCandy Interactive Limited’s subsidiary, iCandy Ventures Ltd will facilitate the development of the project and make available its resources on an ongoing basis to support the operation of Nitro.
Some of the advantages that iCandy Ventures Ltd would have include:
As part of publicly traded group that is backed by reputable shareholders, iCandy Ventures Ltd is motivated to uphold its reputation and track record and ensure that the committed follow up actions post-crowdsale will be carried out.
2. Greater resources and larger network of studios.
iCandy has greater resources and reach that may not be accessible to the average individual. iCandy Ventures Ltd will have access to an expansive network of studios that can already participate in the platform, and with it being an industry player itself, will be able to reach out to other smaller studios, which would greatly help to kick start the development of the platform.
3. Familiarity with compliance and legal framework
iCandy’s familiarity with legal and compliance framework across various securities jurisdiction translates to better legal and compliance resources. This ensures the adherence to the different regulatory frameworks of countries it operates in.
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 aims to launch its ICO crowdsale on 7th Nov 2017, with the upcoming pre-sale date yet to be announced.