NAGA Group Revenue Hits €55.3 Million for Fiscal Year 2021

On January 13, NAGA Group, a German fintech social trading focused online broker, announced its 2021 financial results, indicating that the company exceeded its revenue guidance for 2021. NAGA stated that its consolidated group revenue more than doubled to about €55.3 million compared to what was reached in the previous year (2020: €24.4 million). The impressive growth was boosted by record EBITDA on strong quarter results that reached €12.8 million in 2021, which doubled compared to the previous year (2020: €6.6 million). Furthermore, the company disclosed that more than 277,000 new accounts joined its
 
 trading platform 
, an increase of 128% compared to last year (2020: 120,00 new accounts).

Besides that, NAGA said that, in 2021, its traded volume reached €250 billion for the first time, which means that the firm doubled its metric compared to 2020 (€121 billion). The company also mentioned that it traded more than 10 million real-money transactions, an increase of 60% compared to 2020 (6.3 million). The firm further revealed that its strongest growth metric was the copy-trading activity. In 2021, the company saw more than 4.8 million trades copied via its unique Auto Copy tool, which tripled what was achieved in 2020 (1.7 million copied trades).

Apart from that, NAGA also announced a launch of its new social trading platform that focuses on cryptocurrencies. The crypto platform (NAGAX) will provide a unique Web3 social trading experience, futures and derivatives exchange, and a spot exchange supporting more than 700 tradable assets. The platform will also offer a secured cryptocurrency wallet, an inbuilt NFT platform, a staking platform, a launchpad for promising projects, and educational video content in the learn-platform against rewards. Moreover, the platform will offer a unique “Web3 Social Investing Feed” which automatically converts each user generated content into an NFT that can be monetized.

Benjamin Bilski, Founder and CEO of NAGA, talked about the development and said: “2021 was a fantastic year for NAGA. We have delivered another record year and achieved several milestones along the way. The investments in growth and the continuous acceleration of our marketing activities have paid off. Additionally, we have launched great products such as NAGA Pay, improved our platform and welcomed strategic investors to our cap table. 2022 will be another eventful year. We expect to be among the fastest growing neo-brokers, by gaining further market share in existing markets but also by expanding into new markets, while also increasingly focusing on the crypto and DeFi space with our brand-new platform NAGAX”.

Why Copy Trading Platforms Are Rushing to Embrace Cryptocurrencies

The development by Naga Group to extend its product offerings into crypto services comes at a time when an increasing number of copy trading platforms are rushing to capitalize on the cryptocurrency boom. This has been triggered by retail investors who are more eager than ever to participate in the crypto boom, especially as
 
 cryptocurrencies 
outperform commodities and stocks. From digital assets trading to NFTs investing, new and seasonal investors are rushing to embrace crypto assets trying to not miss out on the potential returns. Industry analysis shows that new customers are nervous to trade their own portfolios because of the volatility and risky nature of crypto assets and stocks. As a result, social trading communities including Reddit and Discord forums such as ‘Satoshi Street Bets’ and ‘Wall Street Bets,’ are working on providing a level of comfort to the new investors.

Copy trading platforms such as Zignaly, Shrimpy, eToro, Equiti Group, and now NAGA Group, among others, are capitalizing on this trend. Such platforms have built businesses to leverage the social predisposition of humans to lower the barrier of entry of crypto trading. These platforms are trying to tap into the innate needs of human beings to operate as part of a community and look towards others for direction and guidance. Such platforms are working to democratize trading and make lucrative strategies available to new investors who can automatically mimic the trades of more experienced traders. This allows new investors to shorten the steep learning curve, while still maintaining full control of their accounts.

On January 13, NAGA Group, a German fintech social trading focused online broker, announced its 2021 financial results, indicating that the company exceeded its revenue guidance for 2021. NAGA stated that its consolidated group revenue more than doubled to about €55.3 million compared to what was reached in the previous year (2020: €24.4 million). The impressive growth was boosted by record EBITDA on strong quarter results that reached €12.8 million in 2021, which doubled compared to the previous year (2020: €6.6 million). Furthermore, the company disclosed that more than 277,000 new accounts joined its
 
 trading platform 
, an increase of 128% compared to last year (2020: 120,00 new accounts).

Besides that, NAGA said that, in 2021, its traded volume reached €250 billion for the first time, which means that the firm doubled its metric compared to 2020 (€121 billion). The company also mentioned that it traded more than 10 million real-money transactions, an increase of 60% compared to 2020 (6.3 million). The firm further revealed that its strongest growth metric was the copy-trading activity. In 2021, the company saw more than 4.8 million trades copied via its unique Auto Copy tool, which tripled what was achieved in 2020 (1.7 million copied trades).

Apart from that, NAGA also announced a launch of its new social trading platform that focuses on cryptocurrencies. The crypto platform (NAGAX) will provide a unique Web3 social trading experience, futures and derivatives exchange, and a spot exchange supporting more than 700 tradable assets. The platform will also offer a secured cryptocurrency wallet, an inbuilt NFT platform, a staking platform, a launchpad for promising projects, and educational video content in the learn-platform against rewards. Moreover, the platform will offer a unique “Web3 Social Investing Feed” which automatically converts each user generated content into an NFT that can be monetized.

Benjamin Bilski, Founder and CEO of NAGA, talked about the development and said: “2021 was a fantastic year for NAGA. We have delivered another record year and achieved several milestones along the way. The investments in growth and the continuous acceleration of our marketing activities have paid off. Additionally, we have launched great products such as NAGA Pay, improved our platform and welcomed strategic investors to our cap table. 2022 will be another eventful year. We expect to be among the fastest growing neo-brokers, by gaining further market share in existing markets but also by expanding into new markets, while also increasingly focusing on the crypto and DeFi space with our brand-new platform NAGAX”.

Why Copy Trading Platforms Are Rushing to Embrace Cryptocurrencies

The development by Naga Group to extend its product offerings into crypto services comes at a time when an increasing number of copy trading platforms are rushing to capitalize on the cryptocurrency boom. This has been triggered by retail investors who are more eager than ever to participate in the crypto boom, especially as
 
 cryptocurrencies 
outperform commodities and stocks. From digital assets trading to NFTs investing, new and seasonal investors are rushing to embrace crypto assets trying to not miss out on the potential returns. Industry analysis shows that new customers are nervous to trade their own portfolios because of the volatility and risky nature of crypto assets and stocks. As a result, social trading communities including Reddit and Discord forums such as ‘Satoshi Street Bets’ and ‘Wall Street Bets,’ are working on providing a level of comfort to the new investors.

Copy trading platforms such as Zignaly, Shrimpy, eToro, Equiti Group, and now NAGA Group, among others, are capitalizing on this trend. Such platforms have built businesses to leverage the social predisposition of humans to lower the barrier of entry of crypto trading. These platforms are trying to tap into the innate needs of human beings to operate as part of a community and look towards others for direction and guidance. Such platforms are working to democratize trading and make lucrative strategies available to new investors who can automatically mimic the trades of more experienced traders. This allows new investors to shorten the steep learning curve, while still maintaining full control of their accounts.

Source: https://www.financemagnates.com/fintech/naga-group-revenue-hits-553-million-for-fiscal-year-2021/