NAGA sets crypto platform NAGAX launch date, January revenues €8 million
After reporting a relatively slow Q4-2021 with revenues (of €14.1 million) down 22%, social trading focused broker NAGA Group AG reported that revenues for the first month of 2022 came in strong, at around €8 million.
NAGA Group, which operates the CySEC-licensed NAGA.com online trading brand, announced the launch date of its crypto exchange NAGAX – March 7, 2022. NAGAX is planned to be a brand-new social trading platform focused on cryptocurrencies. It will launch with a crypto wallet, as well as a crypto exchange with more than 50 assets.
Benjamin Bilski, founder and CEO of NAGA Group AG, said of imminent launch:
“Thanks to years of experience as a market maker, connected to a wide variety of liquidity pools, we feel we are ideally positioned to offer a top service in physical crypto trading. NAGAX will offer fast, secure and affordable trading. We expect that the focused crypto division will be able to generate more revenue than the existing brokerage business in the next 18 to 24 months.”
The company said that NAGAX is all about the community. A unique personal newsfeed will include cutting-edge news and there will be a platform for crypto influencers. Shortly after the launch of NAGAX, NAGA will release its NFT as well as Staking platform under the label “NAGA Earn”.
Regarding the aforementioned start to 2022, Mr. Bilski added:
“A very pleasing start to a new successful year for NAGA. We will continue to accelerate our growth in a targeted manner. In addition, we are increasingly working on global M&A activities as well as partnerships, which we intend to announce as soon as possible.”