The Estonian Crypto license for NAGA’s cryptocurrency platform NAGAX was granted in the last week of March.
While equity markets globally are taking a hit today, a number of Retail FX firms have reacted especially harshly.
NAGAX will launch with a crypto wallet, as well as a crypto exchange with more than 50 assets.
Two of 2021’s market darlings among public traded Retail FX brokers – Swissquote and NAGA.com – have performed the worst YTD in 2022.
In 2021 NAGA saw over 4.8 million trades copied via its Auto Copy tool, almost tripling compared to 2020 (1.7 million).
Leading the acquisitions was NAGA.com CEO Ben Bilski, who bought €200,000 in NAGA shares, at prices of between €7.77-€8.09.
Social trading focused NAGA is already publicly traded in Frankfurt (ETR:N4G), now trading at a valuation of €331 million.
This marks the third fundraising in 2021 for the fast-growing NAGA, which operates social trading focused website naga.com.
NAGA Pay combines an IBAN account, a VISA debit card, a brokerage account, copy trading and physical crypto wallets.
The NAGA NFT platform will allow users to create and trade their own works of art, music and digital content.