NAGA Group has obtained a new license from the Seychelles regulator to help accelerate the financial services provider’s global presence.
Benjamin Bilski, Founder & CEO of NAGA said:
Benjamin Bilski
Source: LinkedIn
The license from Seychelles offers a fully regulated environment for our business outside Europe, it will enable us to strengthen banking and payment relationships and unlock significance for our B2B segment. In addition, customers are better protected. We have been working for several months on this license and are happy to get it operational in Q4.
The neo-broker also has a German license and gained an Estonian crypto license earlier this year.
Crypto investments
The German-headquartered company ventured into the crypto industry with its crypto exchange launched in the beginning of the year, NAGAX.
NAGA Group’s crypto arm has signed a letter of intent with FOSUN group-owned Brazilian digital asset management platform, Guide Investimentos, to launch a joint venture. The two companies are planning to offer a crypto trading platform in Brazil.
Bilski commented:
The Brazilian market for digital products is growing rapidly.
NAGA cost restructuring
The Group is currently focused on operational efficiency and revealed it has brought down its monthly costs by 30%. NAGA added that its revenues in August and September stood at average levels for the first half of the year.
Bilski stated:
We keep improving our cost. We are not where we want to be yet, however it’s promising for us to see that we can maintain a strong topline growth and operate the business from its own cash flow. Our goal is to position ourselves to drive the business forward without the need for additional funding, and only get additional funding to drive new business and innovation or to accelerate when the markets come back.
He added:
However, we must admit that this year has been very challenging for us. From unexpected accounting changes to an unprecedented pressure on the stock market which has affected our share price and valuations significantly, to investing and launching products such as NAGAX in the worst possible market conditions for the crypto market.
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