NAGA reports record revenue, secures Estonian license for its crypto brand
NAGA Group, a provider of brokerage services, cryptocurrency platform NAGAX and neo-banking app NAGA Pay, announced the preliminary financial results for Q1 2022, which beat analysts’ forecasts.
Looking at the figures, NAGA Group reported record revenues, significant user growth and nearly doubled the profits after the Q4 metrics took a blow.
The group’s brokerage business revenue was reported at €18 million, up 63 percent compared to €11.7 million the previous year. The strong growth was underlined by a record EBITDA of €5 million, which is also up by two thirds from Q1 2021’s figure of €3 million.
In its latest annual report, the publicly traded fintech attributed the bulk of its solid performance to the copy-trading activity. In particular, NAGA saw over 4.8 million trades copied via its Auto Copy tool, that is almost tripling relative to the 1.7 million trades copied in 2020.
In terms of its trading volumes, the company reported a record €250 billion, up 107 percent from €121 billion in 2020. NAGA, which offers investment in stocks and crypto via its mobile app, reports that its trading platform onboarded over 277,000 new accounts in 2021, a 128% increase compared to last year.
NAGAX secures Estonian crypto license
“We are happy to see a dynamic start into 2022 and NAGA continuing steady towards its targets. The unfortunate escalation in Ukraine has indeed affected client appetite during Q1 but started to recover by the end of March. Taking this opportunity, we would like to extend our warmest sympathies to the affected people of Ukraine and note that no people in this world should ever have to go through this horror”, says CEO Benjamin Bilski.
The Germany-based broker announced last month the launch of its brand-new social trading platform focused on cryptocurrencies. NAGAX consists of a futures and derivatives exchange, crypto wallet, an inbuilt NFT platform, a staking platform, and a spot exchange with around 700 tradable assets. The platform also aims to offer a unique Web3 social trading experience, whereby user-generated content on the platform is converted into NFTs that can be monetized.
NAGAX provides clients with quick access to NAGA native coin, the NAGA Coin. The exchange is also connected to its parent’s financial community and social investing network, bringing together more than half a million traders from all over the globe. The network is a digital space for newcomers and skilled traders to share their experiences, discuss focal issues and market conditions via personal, group, or public chats.
In addition, the company is focused on expanding its regulatory map, having recently secured an Estonian crypto license for NAGAX. Further, two more crypto asset service provider licenses are in flight and expected to be granted in Q2 2022, the company said.