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.
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.
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.
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.
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.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.