German Fintech Naga to Start Crypto-Focused Social Trading Platform

Publicly traded German fintech Naga, which offers investment in stocks and crypto via its mobile app, will start a social trading platform in 2022 called Nagax, Naga announced Thursday.

• The platform, set to launch in the first quarter of this year, will consist of a crypto wallet, a non-fungible token (NFT) platform, a staking platform, a spot exchange with around 700 tradable assets and a futures and derivatives exchange.
• Nagax will aim to offer a "unique Web3 social trading experience," whereby user-generated content on the platform is converted into NFTs that can be monetized.
• "Any user who has access to an Ethereum-based wallet can unlock the content immediately. Each content is thus tokenized and can even be traded as an NFT itself," said Benjamin Bilski, Naga CEO, in a statement.
• Bilski believes that the platform will see great demand by offering traders content that incorporates a variety of content from multiple channels while also featuring a monetization stream for crypto influencers.
• Naga trades on the Frankfurt Stock Exchange with a market capitalization of around EUR 270 million ($310 million).

Read more: Germany’s Savings Banks Could Introduce Crypto Trading Next Year: Report