NAGA Group, a provider of brokerage services, cryptocurrency platform NAGAX and neo-banking app NAGA Pay, announced preliminary financial results for the first quarter of 2022, which beat analysts’ forecasts.
Looking at the numbers, NAGA Group reported record revenue, significant user growth and nearly doubled profits after fourth quarter metrics took a hit.
Revenues from the group’s brokerage activity amounted to 18 million euros, up 63% compared to 11.7 million euros the previous year. The strong growth was underlined by a record EBITDA of €5 million, which is also up two-thirds from the €3 million figure in the first quarter of 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 through its auto-copy tool, almost triple 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 app mobile, reports that its trading platform has onboarded more than 277,000 new accounts. in 2021, an increase of 128% compared to last year.
NAGAX Obtains Estonian Cryptography License
“We are pleased to see a dynamic start in 2022 and NAGA to continue to achieve its objectives. The unfortunate escalation in Ukraine did indeed affect customer appetite during the first quarter, but started to recover in late March. Taking this opportunity, we would like to express our warmest condolences to the affected Ukrainian people and note that no people in this world should ever have to experience this horror,” said CEO Benjamin Bilski.
The Germany-based broker last month announced the launch of its brand new cryptocurrency-focused social trading platform. 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 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.
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 pipeline and are expected to be granted in the second quarter of 2022, the company said.