Shares of publicly traded Retail FX and CFDs broker NAGA Group AG (ETR:N4G) dropped by 15% on Monday, falling to […]
NAGA Group – which had been making big bets on crypto – wrote off €15.3 million related to its NAGA Coin (NGC) in 2022.
NAGA stated that it is soon launching its first ever White Label partnership with a regulated online-brokerage from Kuwait.
NAGA Group’s nine-month marketing spend was reduced from €26 million in 2022 to just €4 million this year.
In Q2 2023 Revenues at NAGA declined to just €7.9 million, a 32% quarter-to-quarter decline from Q1.
The letter hints at some of the problems which have been plaguing NAGA, which led to the recent ouster of longtime CEO Ben Bilski.
NAGA co-Executive Director Michael Milonas will become Group CEO, while Benjamin Bilski is moving to focus on technology as CIO.
The move comes as NAGA seems to have turned a corner following a loss-making 2022.
NAGA saw $13.5 billion in monthly trading volumes in Q1-2023, basically identical to the $13.6 billion it averaged in 2022.
Copy trading represents 55% of overall trades whilst 2023 customer deposits care up by 50% as compared to 2022.