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Nagax, the Crypto Trading Platform of German Fintech Naga, Set to Launch
The social trading platform will focus on cryptocurrencies and include a crypto wallet and crypto exchange with more than 50 assets.
German fintech Naga (N4G), which offers investment in stocks and crypto via its mobile app, said the crypto trading platform it announced in January will start operating March 7.
- The social trading platform Nagax will focus on cryptocurrencies and include a crypto wallet and a crypto exchange with more than 50 assets.
- A planned non-fungible token (NFT) and staking platform "NAGA Earn" will be introduced "shortly," the company said in a statement.
- Nagax will aim to offer a "unique Web 3 social trading experience," whereby user-generated content on the platform is converted into NFTs that can be monetized, the company said at the time of the announcement.
- "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," CEO Benjamin Bilski said in the statement. The company reported record brokerage revenue of EUR 8 million ($8.7 million) for January.
- Shares of Hamburg, Germany-based Naga fell 6.9% on the Frankfurt exchange Monday.
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
