After a record 157+% growth YoY in Q3 2021, partnership with LaLiga Sevilla Football Club and raising $27 million in equity financing in September, this trading platform is about to impress everyone again.
Since 2020, everything that has the word “social” in it is booming in popularity and user base growth. Platforms like TikTok are seeing a massive inflow of new users who want to share what matters to them and consume the content shared by others. This social “boom” did not pass by the fintech industry as well, as more and more users want to invest their funds online and be able to learn how to start trading from other traders, by simply socializing with them in an easily accessible way.
The social trading platform that allows users to copy the trading strategies of other traders on the platform has an exclusive partnership with the NAGA coin that has just published the new roadmap for the developments of the project.
The roadmap boasts a new decentralized finance (DeFi) on-chain social trading platform that would allow users to copy trade crypto investors that trade on Uniswap and reward those who copy and those who are getting copied.
Brand-new developments and plans
According to a report published on October 10, 2021, NAGA has seen a 157% year-over-year (YoY) growth in the third quarter of 2021, with almost $21 million in revenue. This became the highest growth for the 11th quarter in a row, with total revenue valued at more than $48 million and trading revenues from crypto increasing steadily. The strong growth is underlined by a preliminary unaudited record EBITDA of $5.2 million, a growth of 125% compared to Q3 2020 ($2.3 million). The spark of interest in cryptocurrencies deserves particular attention: in 2021, almost 15% of total sales are due to crypto, which brings the growth up to 600% as compared to 2020.
To support the growth, NAGA has taken part in few noticeable projects like Forex Expo 2021 in Dubai, as well as gaining several valuable partners such as LaLiga Football Club, Sevilla FC and Porsche GT racer Tio Ellinas. Moreover, a financial injection of $27 million from Christian Angermayer and Peter Thiel's fund is planned to be used toward the company's international growth, global presence and extensive marketing activities.
As part of the exclusive partnership with NAGA Coin, one of the main focuses right now is the further improvement and development of NAGA Coin (NGC), a utility token designed for social trading, social betting and social on-chain trading. Some of its benefits for NAGA users include decreased fees, the possibility to create smart contracts, payments for CopyTrading and much more. The business model for the NGC is based on the adoption of the 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 into growing the user network will provide more room for adoption and popularizing the NAGA Coin.
“We are extremely pleased with our Q3 numbers, which are a result of our effective growth strategy [...] We will further accelerate our marketing activities in the next quarters to maintain the current momentum going into 2022. We feel well equipped to continue our growth trajectory, especially with the successful capital increase priced in September. In addition, we will accelerate our geographic expansion,” said Benjamin Bilski, CEO of NAGA.
Impact on the industry
Taking into account the fact that social trading is adopting more and more new fans and users, the plans may have a positive impact on the industry overall. NAGA Coin allows exclusive access to social trading services that help people with less experience or time to mirror the trading strategies of more experienced users, if this is brought to the on-chain trading, it can create a new wave of newcomers to the DeFi trading world.
Stay up to date with the latest news by visiting nagacoin.io and joining the NAGA Coin community on Telegram.
Naga Group AG Business Address:
Hohe Bleichen 12, 20354 Hamburg, Germany
Website: https://naga.com/