NAGA to Launch Crypto Exchange in March, January Revenue Hits Record

Hamburg-headquartered NAGA Group AG (XETRA: N4G) is taking another major leap into the crypto industry and is set to launch its cryptocurrency exchange on March 7, 2022.

Dubbed NAGAX, the exchange platform will list more than 50 digital assets initially and offer a cryptocurrency wallet to the users. But, similar to the parent platform, Naga.com, the focus of the new platform will be on providing social trading services, but only with cryptocurrencies.

“Thanks to years of experience as a market maker, connected to a wide variety of liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term pools, we feel we are ideally positioned to offer a top service in physical crypto trading. NAGAX will offer fast, secure and affordable trading,” Benjamin Bilski, the Founder and CEO of NAGA Group AG, said on the upcoming crypto exchange launch.

“We expect that the focused crypto division will be able to generate more revenue than the existing brokerage business in the next 18 to 24 months.”

But, Naga’s ambitions are not limited only to the cryptocurrency exchange. In addition, the company will release its own non-fungible token (NFT) and staking under the NAGA Earn brand.

Another Record Month

Meanwhile, Naga’s core remains copy-trading services with instruments of popular asset classes like forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs of stocks, commodities and others. Moreover, its popularity has exploded in recent years which is clearly visible in its financials.

Additionally, the platform revealed that its monthly brokerage revenue for January touched a record high of €8 million, compared to only €2.8 million generated in the same month of the previous year.

NAGA Group’s revenue for the entire 2021 came in at €55.3 million, which turned out to be a record in its operational history, Finance Magnates reported earlier.

“A very pleasing start to a new successful year for NAGA,” Bilski added. “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.”