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.
NAGA will maintain its current listing status following the consummation of any such transaction.
NAGA did about $13.5 billion in monthly trading volume in 2022, or total annual volume of roughly €150 billion.
In September NAGA achieved its best result on operating cash flow basis in 2022 by delivering over €1M operating cash flow.
Contis by Solaris and NAGA Pay are launching a VISA-approved card program that enables users to spend both fiat and cryptocurrency.