The social trading platform will be focused on cryptocurrencies and will include a cryptocurrency wallet and exchange with over 50 assets.
Naga (N4G), a German fintech that offers stock and cryptocurrency investments through its mobile app, has announced that the crypto trading platform it announced in January will be live on March 7.
Nagax, a social trading platform focusing on cryptocurrencies, will comprise a cryptocurrency wallet and a cryptocurrency exchange with over 50 assets.
The company claimed in a statement that it plans to launch a non-fungible token (NFT) and staking platform called “NAGA Earn” “shortly.”
Nagax plans to provide a “unique Web3 social trading experience,” in which user-generated content on the platform is converted into monetizable NFTs, according to the company’s release.
“In the next 18 to 24 months, we expect the concentrated crypto sector to be able to generate more income than the existing brokerage business,” CEO Benjamin Bilski said in a statement. For the month of January, the business generated record brokerage revenue of EUR 8 million ($8.7 million).
Naga, situated in Hamburg, Germany, saw its stock drop 6.9% on the Frankfurt Stock Exchange on Monday.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.