Publicly traded German fintech NAGA, which offers investment in stocks and crypto via its mobile app, is to start a social trading platform in 2022 called NAGAX, NAGA announced Thursday.
- The platform, set to launch in Q1 this year, will consist of a crypto wallet, an 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 non-fungible tokens (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.
- Bilksi 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 €270 million ($310 million).
Read more: Germany’s Savings Banks Could Introduce Crypto Trading Next Year: Report