NAGA Group Deepens Losses as Crypto Winter Bites

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NAGA Group, a provider of brokerage services, cryptocurrency platform NAGAX and neo-banking application NAGA Pay, announced financial results for the first half of 2022 ending June 30, 2022.

Looking at the numbers, NAGA Group saw strong revenue, significant user growth, but compounded its net loss due to increased marketing and advertising spend and devaluation of crypto assets. .

Revenue from the group’s brokerage business was reported at 35 million, up 51% from 23.2 million a year earlier. In terms of results, EBITDA for the first half was -2.7 million compared to 0.2 million in 2021.

In its latest annual report, the listed fintech attributed most of its strong performance to the copy-trading business. In particular, NAGA saw over 4.8 million transactions copied in the first quarter through its auto-copy tool, which almost tripled from the 1.7 million transactions copied in 2020.

In terms of trading volumes, the company recorded a record 250 billion, up 107% from 121 billion in 2020. NAGA, which offers equity and crypto investments through its mobile app, reports that its platform trading onboarded over 277,000 new accounts in 2021. , an increase of 128% over last year.

NAGAX continues to deploy its products

NAGAX earlier this year unveiled a $100,000 inception fund to foster the development of non-fungible tokens (NFTs) in its upcoming NFT marketplace while deepening its ecosystem.

NAGAX says the future will be tokenized and it has no intention of missing out on the NFT frenzy that has dominated the crypto space for the past two years. It has ambitions to become a leading platform for creating, minting and managing NFTs at no cost.

NAGAX consists of a futures and derivatives exchange, a crypto wallet, an integrated NFT platform, a staking platform and a spot exchange with approximately 700 tradable assets. The platform also aims to provide a unique Web3 social trading experience, in which user-generated content on the platform is converted into NFTs that can be monetized.

NAGAX offers customers quick access to the native NAGA coin, the NAGA coin. The exchange is also connected to the financial community and its parent social investment network, bringing together more than half a million traders from around the world. The network is a digital space for newcomers and skilled traders to share their experiences, discuss core issues and market conditions via personal, group or public chats.

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