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.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
