After record 157 +% year-on-year growth in Q3 2021, a partnership with LaLiga Sevilla Football Club and $ 27 million in equity funding in September, this trading platform is set to impress again everybody.
As of 2020, anything that contains the word “social” is booming in popularity and growing in the user base. Platforms like TikTok are seeing a massive influx of new users who want to share what matters to them and consume content shared by others. This social “boom” has not passed through the FinTech industry either, as more and more users want to invest their funds online and be able to learn how to start trading with other traders. , by simply socializing with them in an easily accessible way.
The social trading platform which allows users to copy the trading strategies of other traders on the platform has an exclusive partnership with the NAGA coin which comes from published the new roadmap for the developments of the project.
The roadmap offers a new decentralized finance chain (DeFi) social trading platform that would allow users to copy trading crypto investors who trade on Uniswap and reward those who copy and those who are copied.
New developments and plans
According to a report published On October 10, 2021, NAGA recorded 157% year-over-year growth in the third quarter of 2021, with revenue of nearly $ 21 million. This is the highest growth for the 11th consecutive quarter, with total revenues valued at over $ 48 million and trading revenues from crypto growing steadily. The strong growth is underlined by a preliminary unaudited EBITDA record of $ 5.2 million, a growth of 125% compared to the third quarter of 2020 ($ 2.3 million). The spark of interest in cryptocurrencies deserves special attention: in 2021, nearly 15% of total sales are due to crypto, bringing growth to 600% from 2020.
To support the growth, NAGA has participated in a few notable projects like Forex Expo 2021 in Dubai, as well as several valuable partners such as LaLiga Football Club, Sevilla FC and Porsche GT racer Tio Ellinas. Additionally, a $ 27 million financial injection from Christian Angermayer and Peter Thiel’s fund is expected to be used for the company’s international growth, global presence and extensive marketing activities.
As part of the exclusive partnership with NAGA Coin, one of the main goals at the moment is the improvement and development of NAGA Coin (NGC), a utility token designed for social commerce, social betting and social commerce in chain. Some of his advantages for NAGA users include reduced fees, the ability to create smart contracts, payments for CopyTrading and much more. NGC’s business model is based on the adoption of trading services: the more people use the services, the higher the adoption of the NAGA coin. As such, NAGA’s intentions to invest additional funds in growing the user network will provide more room for the adoption and popularization of the NAGA coin.
“We are extremely satisfied with our figures for the third quarter, which are the result of our effective growth strategy […] We will further step up our marketing activities in the coming quarters to maintain the current momentum until 2022. We feel well equipped to continue our growth trajectory, especially with the successful capital increase scheduled for September. In addition, we will accelerate our geographic expansion, ”said Benjamin Bilski, CEO of NAGA.
Impact on industry
As social commerce increasingly embraces new fans and users, the plans can have a positive impact on the industry as a whole. NAGA Coin allows exclusive access to social trading services which help people with less experience or time to reflect the trading strategies of more experienced users, if this is brought to on-chain trading it can create a new wave newcomers to the DeFi trading world.
Naga Group AG business address:
Hohe Bleichen 12, 20354 Hamburg, Germany
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