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 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 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.”
