NAGA Group reported its preliminary unaudited results of the first quarter of 2021 yesterday, and the company saw a massive jump in revenue as the total sales jumped by 69% to $13.7 million in Q1 of 2021, compared to $8.1 million during the same period in 2020.
According to the official announcement, the total trading volume crossed $70 billion, which is up by 155% compared to Q1 of 2020. Additionally, NAGA Group reported a significant jump in new accounts as the company added 93,000 accounts in Q1 of 2021, compared to 16,000 in Q1 of 2020. NAGA Group now has more than 1 million registered accounts.
The company highlighted the growing interest in copy trading as more than 1.4 million trades were copied on the NAGA platform, a jump of 475% compared to 0.27 million copied trades in the first quarter of 2020.
Commenting on the latest announcement, Benjamin Bilski, CEO of NAGA, said: “We are pleased with our Q1 results and especially with the growth metrics. We see three-digit growth across our core metrics. Since the restructuring in 2019, we have delivered growth for the 9th consecutive quarter with Q1 2021 being the strongest in our entire company history. It confirms that 2020 was just the beginning of our growth story. Our social trading business is growing very strongly, and we are clearly expanding our competitive advantage underlining our FinTech and user-experience-focused character.”
Global Expansion
NAGA Group mentioned in the official press release that the company is planning to expand its global presence with the opening of a new local office in Vietnam. Furthermore, NAGA is actively preparing to enter the Australian market. NAGA has filed an application with OTC Markets Group for the company's shares to be cross-traded publicly on the OTCQX Venture Market.
"We would like to make NAGA Group AG available to US markets in order to gain access to a broader investor base and enhance our visibility in North America. Cross trading on OTC Markets represents an important development for the company," Bilski added.
