The COVID-19 pandemic is unprecedented and has had an effect on every country in the world as well as every aspect of life.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The financial world is no different. While major exchanges like the New York Stock Exchange and Nasdaq were forced to close their trading floors for a few weeks, trading itself did not end. In fact, it has been booming like never before. Take the story of the Europe-based social trading platform NAGA.” data-reactid=”20″>The financial world is no different. While major exchanges like the New York Stock Exchange and Nasdaq were forced to close their trading floors for a few weeks, trading itself did not end. In fact, it has been booming like never before. Take the story of the Europe-based social trading platform NAGA.
The Power Of Crisis
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="It’s not unusual for a startup to face challenging times in the early years of its existence. This also applies to NAGA, a German fintech company that encountered serious obstacles after two fairly successful initial years. In an interview with Gruenderszene, NAGA CEO Benjamin Bilski admitted that the company was facing economic hardships in 2018 and 2019. However, after a restructuring process and an entirely different world situation, things are looking quite different. ” data-reactid=”22″>It’s not unusual for a startup to face challenging times in the early years of its existence. This also applies to NAGA, a German fintech company that encountered serious obstacles after two fairly successful initial years. In an interview with Gruenderszene, NAGA CEO Benjamin Bilski admitted that the company was facing economic hardships in 2018 and 2019. However, after a restructuring process and an entirely different world situation, things are looking quite different.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“The first quarter of 2020 was NAGA's best quarter from a financial perspective, as we reported a provisional net profit of €2.1 million, compared to the €3.9 million net loss we had in Q1 2019,” Bilski told TechTimes in June. As Finance Magnates reported, NAGA recorded a trading volume north of $24 billion in April and May alone, in addition to an increased number of user registrations.” data-reactid=”27″>“The first quarter of 2020 was NAGA’s best quarter from a financial perspective, as we reported a provisional net profit of €2.1 million, compared to the €3.9 million net loss we had in Q1 2019,” Bilski told TechTimes in June. As Finance Magnates reported, NAGA recorded a trading volume north of $24 billion in April and May alone, in addition to an increased number of user registrations.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Bilski cites the current market environment as a driving factor for the company’s recent success. “With so much volatility in the market – across all asset classes – retail traders have no shortage of trading opportunities on a daily basis,” he said. In general, analysts have noticed a significant rise in trading volume across the board, leading to significant fluctuations and many opportunities for short-term traders.” data-reactid=”28″>Bilski cites the current market environment as a driving factor for the company’s recent success. “With so much volatility in the market – across all asset classes – retail traders have no shortage of trading opportunities on a daily basis,” he said. In general, analysts have noticed a significant rise in trading volume across the board, leading to significant fluctuations and many opportunities for short-term traders.
The global coronavirus crisis also appears to have lured a host of new traders into the market with many people currently stuck at home. That isolation combined with heightened market volatility seems to have increased activity on social trading platforms—that is, platforms that allow investors to follow the trading patterns of other traders in order to mirror their transactions automatically.
In 2020, People Are Looking For Easy Solutions
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="As the world seems to be more complex than ever before, there is clearly a high demand for simplifying solutions to old problems. To tap into this fast-growing market, NAGA recently announced its challenger banking program, NAGA Pay, which is expected to start in the last quarter of this year and will take on the likes of Revolut and Transferwise. The initiative aims to combine mobile banking, trading, social trading, and cryptocurrency trading.” data-reactid=”31″>As the world seems to be more complex than ever before, there is clearly a high demand for simplifying solutions to old problems. To tap into this fast-growing market, NAGA recently announced its challenger banking program, NAGA Pay, which is expected to start in the last quarter of this year and will take on the likes of Revolut and Transferwise. The initiative aims to combine mobile banking, trading, social trading, and cryptocurrency trading.
NAGA Pay features a mobile app that provides its users with a prepaid credit card, a European IBAN bank account that offers vital banking functions such as SEPA transfers, diverse cryptocurrency wallets, as well as the option to trade various assets in real-time free of charge. By positioning itself in the niche of personal finance, the startup hopes to secure its place in the fintech landscape.
“In recent years we have gained a lot of experience in building a real-time trading platform with a clear monetization model across a wide range of asset classes,” says Bilski. “The entry into the payment vertical underlines the Fintech character of our company and will offer us new customer acquisition and growth opportunities without losing our focus on the core business.”
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Disclaimer: Please consult your financial advisor before investing in any cryptocurrencies as they are volatile and pose risks for the average investor. This post is informational in nature and does not constitute financial advice. The writer of this article does not hold and has never held any position in NAGA. ” data-reactid=”34″>Disclaimer: Please consult your financial advisor before investing in any cryptocurrencies as they are volatile and pose risks for the average investor. This post is informational in nature and does not constitute financial advice. The writer of this article does not hold and has never held any position in NAGA.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="See more from Benzinga” data-reactid=”35″>See more from Benzinga
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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.” data-reactid=”40″>© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.