# xNG Markets - Complete Documentation

> xNG Markets is regulated onchain infrastructure for African equities. We tokenize real stocks 1:1 on-chain, starting with Nigeria as the beachhead, enabling global investors to buy, sell, and borrow against tokenized stocks using local currency or stablecoins (USDT, USDC, cNGN). Every tokenized stock is backed by real shares held in segregated accounts with licensed broker partners. The same infrastructure is available for exchanges, fintechs, and DeFi protocols to integrate.

---

## Table of Contents

1. [Platform Overview](#platform-overview)
2. [Market Context & Opportunity](#market-context--opportunity)
3. [Core Features](#core-features)
4. [Product Requirements](#product-requirements)
5. [Security & Compliance](#security--compliance)
6. [Technology Stack](#technology-stack)
7. [User Experience](#user-experience)
8. [Target Markets](#target-markets)
9. [Business Model](#business-model)
10. [Glossary](#glossary)

---

## Platform Overview

xNG Markets is building the regulated rails to bring African equities onchain. No African equities exist onchain today — $1.7T in listed assets across the continent, zero representation. xNG bridges that gap, starting with Nigeria's NGX.

Because the assets are tokenized, they unlock everything onchain rails offer: global access, funding with Naira, USD, or stablecoins, 24/7 trading, instant portfolio-backed loans, and composability with DeFi primitives. Users can access all of this through the xNG app directly, and the same infrastructure can be plugged into by exchanges, fintechs, and protocols that want to offer African equities to their own users.

- **24/7 Trading**: Trade tokenized NGX stocks around the clock, not limited to Lagos Stock Exchange trading hours
- **Global Access**: Invest from anywhere in the world with 5-minute digital onboarding
- **Flexible Funding**: Use Nigerian Naira, USDT, USDC, or cNGN to fund your account
- **Instant Loans**: Borrow against your stock portfolio without selling your shares
- **Stock Migration**: Transfer existing NGX shares from traditional brokers to unlock 24/7 liquidity
- **Infrastructure Rails**: Tokenized assets available for third-party platforms to integrate

### Platform Specifications

- **Platform Type**: Mobile-first (iOS & Android)
- **Base Currency**: NGN (₦)
- **Status**: Pre-launch (Waitlist Active)
- **Regulatory Approach**: Pursuing Nigeria SEC Regulatory Sandbox pathway, partnering with SEC-licensed entities with a path towards full licensing
- **Distribution**: Consumer app + B2B infrastructure for exchanges, fintechs, and DeFi protocols

---

## Market Context & Opportunity

### The African Equities Gap

$1.7 trillion in African listed equities remain largely untouched by onchain infrastructure. Nigeria alone represents a ₦123.9T market cap exchange (as at March 2026) that returned 51% in 2025 and paid ₦1.1T in dividends in 2024. Blue-chip dividend yields range from 9–15%.

Despite 74% financial inclusion in Nigeria, only 4% of the population participates in equities — a structural gap, not a product gap. Meanwhile, 28 million Nigerians use crypto, and $20.9B flows in annual diaspora remittances. The demand exists on both sides; the rails connecting them don't.

This model is already proven: Backed Finance (now xStocks) built the same infrastructure for US/EU equities, achieved $10B+ in volume in 6 months, and was acquired by Kraken. xNG applies that playbook to the last major untokenized asset class.

### Nigerian Stock Market Performance (2024-2025)

**Dividend Statistics:**
- ₦1.1 trillion in dividends declared by NGX companies in 2024
- ₦1.0 trillion already paid out to shareholders
- +30% increase in H1 2025 cash dividends from leading NGX dividend stocks (YoY)

**Market Growth:**
- 51% NGX All-Share Index performance gain in 2025
- ₦123.9 trillion total market capitalization (2025)
- Record ₦11.23T annual turnover
- Foreign participation: 21%

### The Problem We Solve

**Traditional Barriers:**
- Trading limited to exchange trading hours (e.g. NGX operating hours are 10 AM - 2:30 PM WAT, Monday-Friday)
- Complex paperwork and documentation requirements
- Difficult access for diaspora and international investors
- Forex conversion challenges for non-Naira holders
- Illiquid portfolios - can't access cash without selling shares
- Multi-day settlement periods
- Local broker account requirements
- Broker apps going down for days at a time

**Our Solution:**
xNG tokenizes these stocks on-chain with regulated infrastructure, enabling 24/7 trading from anywhere in the world with instant settlement, flexible funding, and collateralized lending. The same tokenized assets are available for any platform to integrate.

### Market Statistics

**Popular NGX Stocks by Sector:**

**Consumer Goods:**
- BUA Foods - Leading food manufacturing company
- Dangote Sugar - Major sugar production company
- Cadbury - Beverage and confectionery manufacturer
- Unilever - Consumer goods multinational

**Technology:**
- MTN Nigeria - Nigeria's leading telecommunications operator
- Chams - Technology and financial services provider
- Airtel Africa - Major telecommunications company


**Industrial Goods:**
- Dangote Cement - Africa's largest cement producer
- BUA Cements - Major cement manufacturing company
- Beta Glass - Leading glass manufacturing company

**Energy:**
- Seplat - Leading indigenous oil and gas company
- Aradel - Energy sector company
- Geregu Power - Leading power generation company

**Financial Services:**
- GTCO (Guaranty Trust Holding Company) - Top-tier financial institution
- Zenith Bank - Leading Nigerian bank
- UBA (United Bank for Africa) - Pan-African financial institution
- Access Holding - Major banking group
- First Hold Co - Financial holding company
- VFD Group - Diversified financial services group

**Services:**
- TIP (Transnational Corporation) - Growth stock, diversified conglomerate
- Tantilizer - Quick service restaurant chain

**Agriculture:**
- Okomu Oil - Leading palm oil producer
- Ellah Lakes - Aquaculture and fishing company

**Conglomerates:**
- UACN PLC - Diversified conglomerate

**Real Estate:**
- UPDC REIT - Real Estate Investment Trust

---

## Core Features

### 1. Easy Global Onboarding

**5-Minute Registration Process:**

1. Email verification with 6-digit OTP
2. Social sign-in options (Apple, Google)
3. Create 4-digit passcode for app access
4. Optional biometric (Face ID/Touch ID) setup
5. Optional push notification preferences
6. Compliance questionnaire:
   - Employment status selection
   - Occupation/Industry (with autocomplete)
   - Source of funds declaration

**Identity Verification (KYC):**
- Powered by Sumsub verification provider
- Scan/photograph valid identity document
- Take selfie for biometric verification
- Automated processing and review
- Users can access dashboard while verification finalizes
- Retry available if verification fails

**Global Accessibility:**
- Open to Nigerian and international users
- Digital identity verification - no local documentation required
- Available worldwide: Lagos, London, New York, Dubai, and beyond
- Built for the Nigerian diaspora and global emerging market investors

### 2. Flexible Funding Options

**Bank Transfer (NGN):**
- Dedicated virtual bank account for each user
- Bank name, account number, and beneficiary name provided
- Transfer from personal bank account
- Minimum deposit: ₦1,000
- Fee: Free
- Settlement time: ~1 minute
- Must transfer from bank account matching verified name

**Stablecoin Deposits:**

**USDT Networks:**
- BNB Chain
- Tron

**USDC Networks:**
- Solana
- Base
- Polygon
- Hedera

**Process:**
1. Select token (USDT or USDC)
2. Select network
3. Receive wallet address and QR code
4. Transfer funds
5. Automatic conversion to NGN upon receipt

**Network-Specific Details Displayed:**
- Minimum deposit amount
- Network fee
- Exchange rate (crypto → NGN)
- Estimated arrival time

### 3. 24/7 Stock Trading

**Trading Capabilities:**

**Market Orders:**
- Execute immediately at current market price
- Instant settlement
- Best for quick entry/exit

**Limit Orders:**
- Set target price for execution
- Order executes when market hits target
- Access to order book (bid/ask depth)
- Tap price levels to auto-fill
- Control entry/exit points

**Trading Flow:**

**Buying:**
1. Enter amount (₦ or units - toggle between)
2. Select order type (Market or Limit)
3. For limit orders: set target price using order book
4. Review live conversion preview (₦ ↔ units)
5. See estimated fees
6. Review order summary (type, price, units, total cost, fee)
7. Confirm order
8. Receive execution confirmation

**Selling:**
1. Enter amount to sell (₦ or units)
2. See available balance
3. Select order type (Market or Limit)
4. Review estimated proceeds, fee, net amount
5. Confirm order
6. Receive execution confirmation

**Discovery Features:**
- Browse by categories: Top Gainers, Top Losers
- Filter by sector: Banks, Telecom, Oil & Gas, Industrial, Consumer, Insurance
- Curated collections
- Real-time search by name or ticker
- Market Pulse summary (dismissible)
- Sector overview for quick access
- Sortable stock lists (A-Z, price high/low, gainers, losers)

**Stock Details Page:**
- Current price and daily change (amount + percentage)
- Interactive price chart with time ranges: 1D, 1W, 1M, 3M, 1Y, ALL
- Key statistics: Open, High, Low, Close, Volume, Market Cap
- Expandable company description
- Holdings information (if owned): units held, average buy price, position value
- Add/remove from watchlist
- Quick buy/sell actions

### 4. Portfolio Management

**Portfolio Overview:**
- Total portfolio value
- Overall gain/loss (amount + percentage)
- List of all held stocks with:
  - Units held
  - Current value
  - Profit/loss per holding
  - Average buy price
  - Current price
  - Total amount invested

**Performance Tracking:**
- Per-stock performance metrics
- Tabbed views to filter holdings
- Real-time portfolio value updates
- Empty state guidance for new users

### 5. Instant Collateralized Loans

**Loan Eligibility:**
- Must hold stocks in portfolio
- Credit limit = 50% of total eligible portfolio equity (LTV ratio)
- No credit checks required
- No paperwork

**Loan States:**

| Condition | Behavior |
|---|---|
| No stocks held | Directed to explore and purchase stocks |
| Has stocks, no loan | Can initiate loan with eligible assets |
| Active loan | View details, repay, or add collateral |
| Active loan + low cash | Repayment blocked until sufficient balance |

**Borrowing Process:**
1. Select collateral asset from portfolio
2. Set borrow amount (slider with min/max bounds based on LTV)
3. Review terms:
   - Interest rate
   - Tenure
   - Fee breakdown
4. Explicit consent to terms required
5. Review summary
6. Confirm
7. Cash credited to wallet instantly

**Loan Management:**
- View active loan details: lender, amount, collateral, LTV, due date
- Track accrued interest
- Repay anytime
- Add collateral to improve LTV

**Repayment Process:**
1. View current loan details
2. See cost breakdown: principal + accrued interest + fees
3. Confirm repayment
4. Collateral unlocked
5. Success confirmation

**Benefits:**
- Keep shares and dividend rights
- Maintain compounding
- Access liquidity without selling
- Faster than traditional personal loans (seconds vs. weeks)

### 6. Stock Transfer & Migration

**For Existing NGX Shareholders:**

Transfer existing shares from current broker to xNG's licensed partner broker to unlock:
- 24/7 trading on tokenized shares
- Instant loan access against transferred portfolio
- Modern trading interface
- Stablecoin liquidity

**Transfer Process:**
1. Initiate transfer request
2. Provide current broker details
3. Complete transfer paperwork
4. Shares moved to partner broker
5. Stocks tokenized on-chain
6. Full platform access unlocked

**Guarantees:**
- Shares held 1:1 with licensed SEC-regulated broker partner
- Keep ownership and dividend rights
- All NGX-listed stocks supported
- Secure custody throughout transfer

### 7. B2B Infrastructure

**For Exchanges, Fintechs, and DeFi Protocols:**

The same tokenized assets and regulated rails that power the xNG consumer app are available for third-party platforms to integrate:
- Tokenized African equities as tradeable assets
- Regulated custody and settlement infrastructure
- Stablecoin-based funding and settlement rails
- Composability with DeFi primitives (lending, AMMs, collateral)

**Planned Integrations:**
- DEX listings on decentralized exchanges
- CEX partnerships with Tier 1 centralized exchanges
- Web3 wallet integrations
- DeFi protocol composability

---

## Product Requirements

### User Roles & Access Levels

| Role | Access Level |
|---|---|
| **Unauthenticated** | Splash screen, login, registration |
| **Registered (Unverified)** | Dashboard (read-only), explore stocks, view prices. Cannot trade, withdraw, or borrow. |
| **Verified** | Full access: trading, deposits, withdrawals, loans, profile management |
| **Restricted** | Account locked - can only view restriction notice and contact support |

### Dashboard

**Purpose:** At-a-glance financial overview and quick access to key actions.

**Displayed Information:**
- Total net worth (cash balance + portfolio value)
- Percentage change in net worth
- Quick access to cash balance
- Quick access to portfolio value
- Trending stocks with current prices and daily % change
- Notifications center
- Help & support access

**Available Actions:**
- Fund wallet (opens deposit options)
- Withdraw funds (verified users only)
- Navigate to: Cash Wallet, Portfolio, Explore, Loans, Settings
- View and dismiss notifications
- Access help (search, AI assistant, live chat, FAQ)

**KYC Status Communication:**

| Verification Status | User Experience | Available Actions |
|---|---|---|
| Not started | Prompt to verify identity | Tap to begin verification |
| Pending | "Under review" message | Wait (no action required) |
| Approved | Success confirmation | Dismiss notice |
| Failed | Failure message with reason | Tap to retry verification |
| Complete | Clean dashboard (no notices) | Full platform access |

### Cash Wallet

**Purpose:** Manage cash balance, deposits, withdrawals, and transaction history.

**Withdrawal Options:**

**Fiat (Bank Transfer):**
- Select saved bank account or add new recipient
- Search/select bank from list
- Enter account number
- System resolves and displays account holder name for confirmation
- Enter withdrawal amount
- Fee: ₦50
- Review net amount recipient receives
- Confirm and process

**Crypto (Stablecoin):**
- Select saved crypto wallet or add new recipient
- Select network
- Enter wallet address
- Optional recipient label
- Enter withdrawal amount
- Fee: Free
- System shows exchange rate and token equivalent
- Review details
- Confirm and process

**Recipient Management:**
- Save bank accounts for future use
- Save crypto wallets for future use
- View all saved recipients
- Delete recipients (CRUD operations)
- Recipients persist across sessions

**Transaction History:**
- Complete list of all wallet transactions
- Deposits, withdrawals, trades, loans
- Status indicators (Complete, Pending, Failed)
- Timestamps
- Filter by type: All, Deposits, Withdrawals, Trading, Pending
- Tap transaction for full details:
  - Transaction type
  - Date and time
  - Amount
  - Reference ID (copyable)
  - Type-specific metadata
- Processing transactions show active indicator

**Rules:**
- Withdrawal amounts cannot exceed wallet balance
- Withdrawals require verified status
- Bank transfers must match verified name
- All amounts displayed with fees transparent

### Settings & Security

**Profile Management:**

**Verified Users:**
- View full profile (read-only):
  - Full name
  - Email address
  - Date of birth
  - Phone number
  - Address
- Changes require contacting support

**Unverified Users:**
- Email address visible only
- Prompt to complete verification

**Saved Recipients:**
- Manage bank accounts
- Manage crypto wallets
- CRUD operations (Create, Read, Update, Delete)
- Same as Cash Wallet recipient management

**Preferences:**

**Currency Display:**
- Default: NGN ₦
- User can change display preference

**Notification Settings:**
Independently toggleable channels:
- Push notifications (on/off)
- Email notifications (on/off)
- Price alerts (on/off)
- Transaction updates (on/off)
- Marketing & promotions (on/off)
- **Note:** Security alerts always enabled (cannot be disabled)

**Security Features:**

**Passcode Management:**
- Change 4-digit passcode
- Requires old passcode + new passcode
- Confirmation step

**Biometric Authentication:**
- Face ID toggle (on/off)
- Touch ID support
- Optional bypass for passcode

**Session Management:**
- View all active sessions
- Display for each session:
  - Device type
  - Operating system
  - Browser
  - Location
  - Last active timestamp
- Current session marked
- Revoke other sessions individually

**Security Rules:**
- Phone number changes trigger 24-hour withdrawal hold
- Phone number changes require OTP verification
- Address changes require OTP verification via email
- Passcode required on app open (unless biometric bypass enabled)

**Additional Settings:**
- Help & Support link
- Legal links: Terms of Service, Privacy Policy, Licenses
- App version display
- Log Out

### Account Restriction

**Triggered by:** Fraud detection, compliance issues, regulatory requirements

**User Experience:**
- Full-screen restriction notice
- Explanation of restriction
- No access to any features
- Only action: Contact Support

---

## Security & Compliance

### Asset Backing & Custody

**1:1 Backing:**
- Every tokenized stock backed by real NGX share
- Shares held in segregated accounts
- Licensed SEC-regulated broker partner
- No fractional reserve
- Full transparency

**Custody Model:**
- Professional custody through licensed partners
- SPV structure with FCMB Trustee Services
- Segregated client accounts
- Regular reconciliation
- Audit trail for all holdings

### Auditing & Transparency

**Regular Third-Party Audits:**
- Protocol security audits
- Assets Under Management (AUM) verification
- Solvency verification
- Public audit reports
- Transparency in all operations

### Regulatory Compliance

**SEC Pathway:**
- Pursuing Nigeria SEC Regulatory Sandbox pathway
- Partnering with SEC-licensed entities across tokenization, custody, and brokerage
- Path towards being fully licensed
- Compliance-first approach
- Legal opinion secured for SEC Sandbox pathway

**KYC/AML (Know Your Customer / Anti-Money Laundering):**

**Identity Verification:**
- Robust identity verification process
- Document verification (ID, passport, driver's license)
- Biometric verification (selfie matching)
- Liveness detection
- Powered by Sumsub

**Ongoing Monitoring:**
- Sanctions screening
- Politically Exposed Persons (PEP) screening
- Transaction monitoring
- Behavioral analysis
- Fraud prevention
- Financial crime detection

**Compliance Questionnaire:**
- Employment status verification
- Occupation/industry disclosure
- Source of funds declaration
- Risk assessment

### Data Security

**Protection Measures:**
- End-to-end encryption
- Secure data storage
- Sensitive data masking in UI
- Partial masking in lists, full visibility in detail views
- Secure session management
- Multi-factor authentication available

---

## Technology Stack

### Blockchain Infrastructure

**On-Chain Tokenization:**
- ERC-20 + Permit2 token standard
- Lock-and-mint bridge architecture for EVM chains
- Immutable transaction records
- Transparent ownership tracking

**Smart Contracts:**
- Trading Settlement Contract
- Lending Contract (up to 50% LTV)
- Stablecoin Rails
- Automated collateral management

**Stablecoin Integration:**
- Multi-network support (Solana, Base, Polygon, Tron, BNB Chain, Hedera)
- Settlement via cNGN (Nigeria's licensed local stablecoin)
- Automated currency conversion
- Instant settlement

### Key Infrastructure Partners

- **Trovotech**: Tokenization partner, participant in Nigeria SEC's regulatory incubation program
- **FCMB Trustee Services**: SPV oversight
- **FCMB CSLS**: Brokerage / NGX order routing
- **BlockRadar**: Wallet infrastructure and virtual accounts
- **cNGN**: Settlement and on/off-ramps
- **Sumsub**: Identity verification

### Security Technology

**Verification Provider:**
- Sumsub identity verification
- AI-powered document analysis
- Biometric matching
- Liveness detection
- Global sanctions/PEP databases

**Session Security:**
- Secure token management
- Device fingerprinting
- Location tracking
- Suspicious activity detection
- Multi-device session control

---

## User Experience

### Performance Requirements

**Speed:**
- Page transitions: <300ms
- Slide/modal animations: Instant feel
- Balance updates: No full page reloads
- Price displays: Real-time without refresh
- Progressive loading for long lists (100+ items)

### Usability Standards

**Mobile-First Design:**
- One-handed usability on standard screens
- Minimum tap target: 44×44pt
- Visible feedback on all interactive elements (scale, color change)
- Optimized for thumb zones
- Radically simple, fully crypto-abstracted experience
- No blockchain jargon exposed to users

**User Feedback:**
- Explicit review step for destructive actions
- Processing states always communicated (spinners, status text)
- Inline contextual errors (not generic alerts)
- Copy-to-clipboard confirmation
- Success/failure notifications

**Accessibility:**
- WCAG AA text contrast on dark and light backgrounds
- Icons paired with labels for navigation/actions
- Screen reader support
- Adequate touch targets
- Clear visual hierarchy

### Theming

**Dark Mode:**
- Default theme
- High contrast
- Reduced eye strain for extended use

**Light Mode:**
- Alternative theme
- Clean, modern aesthetic
- Consistent application across all screens

**Theme Persistence:**
- User preference saved
- Consistent across sessions
- No mixed-mode screens

### State Management

**Persistence:**
- Verification status across sessions
- Wallet state persistence
- Dismissed notices remembered
- User preferences saved
- Session storage + backend sync

**Error Handling:**
- Graceful error display
- Network failure handling
- Insufficient funds messaging
- Expired OTP handling
- All error states accounted for

---

## Target Markets

### Primary User Segments

**1. Nigerian Diaspora**

**Geographic Focus:**
- United Kingdom
- United States
- Canada
- United Arab Emirates
- Europe
- Globally

**Value Proposition:**
- No local broker account needed
- Fund with USD stablecoins (no Naira sourcing)
- Skip forex conversion hassles
- Trade in your timezone
- 5-minute onboarding from anywhere
- Stay connected to Nigerian economy

**Pain Points Solved:**
- Complex international wire transfers
- Multi-day settlement delays
- Forex conversion fees and challenges
- Limited access to Nigerian investment opportunities
- Time zone incompatibility with NGX hours

**2. International Investors**

**Target:**
- Seeking African equity exposure
- Interested in emerging markets
- Looking for high-growth opportunities
- Dividend-focused investors (9–15% yields)

**Value Proposition:**
- Easy access to Nigerian blue-chip stocks
- High dividend yields (₦1.1T paid in 2024)
- Strong market performance (51% in 2025)
- Diversification into African markets
- Simple digital onboarding

**3. Local Nigerian Investors**

**Target:**
- Retail traders seeking modern platforms
- Existing NGX shareholders
- Tech-savvy investors
- Users seeking portfolio liquidity
- 28 million crypto users with no access to tokenized Nigerian stocks

**Value Proposition:**
- 24/7 trading vs. limited NGX hours
- Instant loans against portfolio
- Modern mobile-first interface
- Faster execution than traditional brokers
- Access to DeFi-style features

**4. Existing NGX Shareholders**

**Target:**
- Current stockholders with traditional brokers
- Long-term holders seeking liquidity
- Dividend investors

**Value Proposition:**
- Transfer existing shares to unlock 24/7 trading
- Borrow against holdings without selling
- Keep dividend rights
- Access modern trading tools
- Maintain compounding while accessing cash

**5. DeFi Users & Crypto Natives**

**Target:**
- Cryptocurrency holders
- DeFi protocol users
- Real World Asset (RWA) investors
- Stablecoin holders seeking yield

**Value Proposition:**
- Bridge crypto to traditional equities
- Use USDT/USDC/cNGN directly
- On-chain transparency
- Smart contract-based lending
- Tokenized real-world assets
- Composability with DeFi primitives

**6. Exchanges, Fintechs & DeFi Protocols (B2B)**

**Target:**
- Centralized and decentralized exchanges wanting African equity exposure
- Fintechs building investment products for African markets
- DeFi protocols seeking RWA collateral and yield sources

**Value Proposition:**
- Plug into regulated tokenized African equity rails
- No need to build custody, brokerage, or compliance infrastructure
- Ready-made tokenized assets for listing or integration
- Shared liquidity and settlement infrastructure

---

## Business Model

### Revenue Streams

**Trading Fees:**
- 0.2–0.5% per trade (2-3x cheaper than any Nigerian broker)
- Transparent fee structure
- Structural cost advantage: tokenize stock in bulk, every subsequent trade generates revenue

**Lending Yield:**
- Interest spread on borrow/supply pools
- Competitive rates
- No origination fees for basic loans

**Withdrawal Fees:**
- Bank transfer withdrawals: ₦50
- Crypto withdrawals: Free
- Transparent pricing

**Currency Conversion:**
- Spread on stablecoin → NGN conversion
- Competitive exchange rates
- Real-time rate display

### Tokenization Economics

xNG tokenizes stock in bulk, absorbing all broker/SEC/CSCS fees upfront. Every subsequent trade on that inventory generates revenue at a fraction of traditional broker costs. This creates a 124x leverage on minting cost and produces margins 2-3x better than any Nigerian broker (0.65% per direction vs. 2.4–5% round-trip at traditional brokers).

### Partner Network

**Regulated Partners:**
- Trovotech: Tokenization (SEC regulatory incubation participant)
- FCMB Trustee Services: SPV oversight and segregated custody
- FCMB CSLS: Brokerage and NGX order routing

**Technology Partners:**
- BlockRadar: Wallet infrastructure and virtual accounts
- cNGN: Naira stablecoin settlement and on/off-ramps
- Sumsub: Identity verification

---

## Community & Growth

### FIRE Africa

FIRE Africa (Financial Independence, Retire Early using African Equities) is xNG's community-led growth engine. It drives organic traffic and waitlist signups through free financial tools:
- FIRE Calculator
- Equity Simulator
- Dividend Calculator

Paired with weekly content, editorial outreach to major finance outlets, and a curated pipeline of stock and investment creators on X and Instagram.

### Traction

- 100+ users on waitlist (organic, pre-marketing)
- 10 confirmed early users with combined ₦200M+ in NGX holdings ready to migrate at launch
- Marketing site, blog, and financial tools suite live
- Interactive product prototype shipped

---

## Glossary

### Financial Terms

**KYC (Know Your Customer):** Identity verification process required by financial regulations to verify user identity and prevent fraud.

**AML (Anti-Money Laundering):** Regulatory compliance measures to detect and prevent money laundering and terrorist financing.

**LTV (Loan-to-Value):** Ratio of loan amount to collateral value. xNG uses 50% LTV, meaning users can borrow up to 50% of their portfolio value.

**NGX (Nigerian Exchange Group):** The Nigerian Stock Exchange, officially rebranded as Nigerian Exchange Group in 2021.

**Market Order:** Trade order executed immediately at the current market price with instant settlement.

**Limit Order:** Trade order that executes only when the stock reaches a user-specified target price.

**Order Book:** Real-time display of buy and sell orders at various price levels, showing market depth and liquidity.

**Blue-Chip Stocks:** Shares of large, well-established, financially sound companies with a history of reliable performance (e.g., Dangote, MTN, Zenith Bank).

**Dividend:** Portion of company profits distributed to shareholders, typically paid quarterly or annually.

**Settlement:** Process of transferring ownership of securities and cash between buyer and seller after a trade.

### Cryptocurrency Terms

**Stablecoin:** Cryptocurrency designed to maintain stable value, typically pegged to fiat currency (e.g., USDT, USDC pegged to USD).

**USDT (Tether):** Popular USD-pegged stablecoin, supported on BNB Chain and Tron networks on xNG.

**USDC (USD Coin):** USD-pegged stablecoin backed by regulated financial institutions, supported on Solana, Base, Polygon, and Hedera networks on xNG.

**cNGN:** Nigerian Naira stablecoin, providing on-chain representation of NGN.

**Wallet Address:** Unique identifier for cryptocurrency wallet, used to receive and send crypto assets.

**Network:** Blockchain infrastructure on which cryptocurrency operates (e.g., Solana, BNB Chain, Tron).

**Gas Fee:** Transaction fee paid to blockchain network for processing transactions.

**ERC-20:** Standard token interface on EVM-compatible blockchains.

**Permit2:** Token approval mechanism enabling more flexible and secure token spending permissions.

### Trading Terms

**Ask Price:** Price at which sellers are willing to sell a stock.

**Bid Price:** Price at which buyers are willing to buy a stock.

**Spread:** Difference between bid and ask prices.

**Volume:** Number of shares traded during a specific period.

**Market Cap (Market Capitalization):** Total value of company's outstanding shares (share price × number of shares).

**Portfolio:** Collection of financial investments (stocks, cash, etc.) held by an investor.

**Position:** Amount of a particular stock owned by an investor.

**Average Buy Price:** Average price paid across multiple purchases of the same stock.

**Gain/Loss:** Difference between current value and purchase price of an investment.

### Platform-Specific Terms

**Tokenized Stock:** Blockchain-based digital representation of a traditional stock, backed 1:1 by real shares held in segregated custody.

**Virtual Account:** System-generated bank account number assigned to user for receiving Naira deposits.

**OTP (One-Time Password):** Short-lived verification code sent via email or SMS for security purposes.

**Passcode:** 4-digit security code required to access the xNG app.

**Biometric Authentication:** Face ID or Touch ID used to bypass passcode entry.

**Verified Status:** Account status achieved after successful KYC completion, unlocking full platform access.

**Collateral:** Asset pledged as security for a loan (stocks in xNG's case).

**Recipient:** Saved bank account or crypto wallet address for withdrawals.

**Session:** Active login instance on a specific device.

**PEP (Politically Exposed Person):** Individual holding prominent public position, subject to enhanced KYC screening.

**SPV (Special Purpose Vehicle):** Legal entity created to hold tokenized assets separately from operating company assets.

**Lock-and-Mint:** Bridge architecture where assets are locked on one chain and corresponding tokens are minted on another.

### Regulatory & Compliance Terms

**SEC (Securities and Exchange Commission):** Nigerian regulatory body overseeing securities markets and protecting investors.

**SEC Regulatory Sandbox:** Program allowing innovative financial products to operate under supervised conditions before full licensing.

**Segregated Account:** Separate account holding client assets apart from company operational funds.

**Custody:** Professional safekeeping of financial assets on behalf of clients.

**Compliance Questionnaire:** Required form collecting information about employment, occupation, and source of funds.

**Sanctions Screening:** Process of checking individuals against global sanctions lists.

**Audit:** Independent examination of financial records, systems, and processes to verify accuracy and compliance.

**1:1 Backing:** Every tokenized stock is backed by exactly one real stock, ensuring full reserve.

**RWA (Real World Assets):** Traditional financial assets (stocks, bonds, real estate) represented as tokens on blockchain.

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## Contact & Support

**Official Website:** https://xng.markets

**Email:** contact@xng.markets

**Twitter/X:** @xNGMarkets

**Community:** FIRE Africa — free financial tools and community for African equity investors

**Support Channels:**
- In-app help center
- AI assistant
- Live chat
- FAQ documentation
- Email support

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## Legal & Disclaimers

**Investment Risk:** Trading financial assets involves risk of loss. Past performance does not guarantee future results. Users are encouraged to conduct their own research and, where necessary, seek advice from qualified financial professionals before making investment decisions.

**Technology Provider:** xNG Markets is a technology platform provider. We do not provide investment advice, financial advice, or recommendations.

**Regulatory Status:** xNG Markets is pursuing Nigeria's SEC Regulatory Sandbox pathway, partnering with SEC-licensed entities with a path towards full licensing.

**Service Availability:** Features and services described may vary by jurisdiction and user verification status.

**Copyright:** © 2026 xNG Markets. All rights reserved.

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**Document Version:** 2.0  
**Last Updated:** March 2026  
**Status:** Living Document - Subject to updates as platform evolves