Monday, December 5 2022

NAGA Group, a provider of brokerage services, NAGAX cryptocurrency platform and NAGA Pay neo-banking app, has received a financial license from the Seychelles regulator to accelerate its global business.

NagaPay

The company said the move reflects its commitment to continue on the trajectory of expansion and growth, and that the decision to acquire an FSA license comes in order to provide even broader regulatory oversight in new markets.

NAGA operated under entities regulated by different financial supervisory authorities, including the German Federal Financial Supervisory Authority (BaFin). Additionally, the company is focused on expanding its regulatory map, having recently secured an Estonian crypto license for NAGAX. Additionally, two more crypto asset service provider licenses are in the works and are expected to be granted in 2022, the company said.

“The Seychelles license provides a fully regulated environment for our business outside of Europe, will enable us to strengthen banking and payment relationships and unlock relevance for our B2B segment. Additionally, customers are better protected. We We have been working on this license for several months and are happy to have it operational in the fourth quarter,” said Benjamin Bilski, Founder and CEO of NAGA.

Meanwhile, NAGAX revealed that it has partnered with Guide Investimentos, one of the largest digital asset management platforms in Brazil. The collaboration aims to launch a joint venture to offer a cryptocurrency trading platform in Brazil using NAGAX’s capabilities for cryptocurrency spot and staking.

Earlier in July, NAGA appointed FX industry veteran Stelios Eleftheriou, who has a colorful career in the gaming industry, to lead its NAGAX cryptocurrency platform and neo-banking app NAGA Pay. .

“The Brazilian market for digital products is growing rapidly. Crypto is one of the fastest growing segments of the Brazilian online market. Guide is already established in Brazil and handles billions in trading volume from its brokerage business. NAGAX provides a strong crypto ecosystem for Guide and will provide Guide customers with immediate access to crypto services. Especially in the current market conditions, we are preparing for the next wave of cryptocurrency adoption, so we are very excited about this partnership,” the company said.

The Germany-based broker launched its brand new cryptocurrency-focused social trading platform in March. NAGAX consists of a futures and derivatives exchange, a crypto wallet, an integrated NFT platform, a staking platform and a spot exchange with around 700 tradable assets. The platform also offers 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 company’s 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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