German Fintech Naga to Start Crypto-Focused Social Trading Platform

Nagax will consist of a crypto wallet, NFT and staking platforms, a spot exchange and a futures and derivatives exchange.

Jan 13, 2022 at 3:38 p.m. UTC
Updated Jan 13, 2022 at 4:56 p.m. UTC

Publicly traded German fintech Naga, which offers investment in stocks and crypto via its mobile app, will start a social trading platform in 2022 called Nagax, Naga announced Thursday.

  • The platform, set to launch in the first quarter of this year, will consist of a crypto wallet, a non-fungible token (NFT) platform, a staking platform, a spot exchange with around 700 tradable assets and a futures and derivatives exchange.
  • Nagax will aim to offer a "unique Web3 social trading experience," whereby user-generated content on the platform is converted into NFTs that can be monetized.
  • "Any user who has access to an Ethereum-based wallet can unlock the content immediately. Each content is thus tokenized and can even be traded as an NFT itself," said Benjamin Bilski, Naga CEO, in a statement.
  • Bilski believes that the platform will see great demand by offering traders content that incorporates a variety of content from multiple channels while also featuring a monetization stream for crypto influencers.
  • Naga trades on the Frankfurt Stock Exchange with a market capitalization of around EUR 270 million ($310 million).

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Jamie Crawley is a CoinDesk news reporter based in London.