Quick take:
- NAGA says it will introduce NAGA Earn and NFT staking protocol to its crypto platform NAGAX.
- The company’s stock and crypto trading app went live on March 7.
- NAGA CEO, Benjamin Bilski expects the app trading service to start generating more revenue than the existing brokerage business in 18-24 months.
Germany-based fintech NAGA Group is venturing into the world of non-fungible tokens (NFTs). The company announced on March 7 the live debut of its NAGAX stock and crypto trading app, launched in January this year.
NAGA also revealed that it will be integrating NAGA Earn into the social trading app. NAGA Earn is an NFT staking feature that will allow traders to convert user-generated content into NFTs that can be monetized.
Commenting on the official launch of the NAGAX trading app, NAGA Group CEO Benjamin Bilski said that he expects the revenue from the social trading app to exceed the revenue from the brokerage business within the next 18 to 24 months.
“We expect that the focused crypto division will be able to generate more revenue than the existing brokerage business in the next [two years],” he said.
NAGAX is aiming to offer a one-of-a-kind Web3 social trading experience giving traders an all-in-one platform where they can trade stocks, crypto, and stake NFTs, in addition to the wallet services provided.
The social trading app will benefit from NAGA’s portfolio of liquidity pools built over the years. “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,” Bilski commented on the announcement, adding that the app will offer fast, secure and affordable trading.
The company said it is already experiencing significant improvement with monthly brokerage revenues climbing to a new high of about EUR 8 million in January, up from about EUR 2.8 million in the same month a year ago.
“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,” Bilski said, adding that it is a pleasing start to a new successful year.
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