Hamburg-based fintech company Naga has released its new exchange platform, Nagax, after an intensive beta testing period. The developer promises a user-friendly interface and “super-fast execution,” as the system supports more than 10 million transactions per second.
The new platform is integrated into the social investing network — also known as Naga Trader. According to the company, it is used by more than half a million traders around the world.
Nagax will be connected to the Naga platform through its own cryptocurrency wallet, the Naga Wallet: It supports major crypto, all ERC-20 tokens, as well company’s native currency — the Naga Coin (NGC) — and allows users to send coins and tokens directly to their contacts via their email address.
The company says it will provide zero fees for the first three months of Nagax’s operation. When this period ends, an eight-tier fee system will be integrated.
Following trading leaders
The Naga Trader, on the other hand, is a social investing platform based on a copy trading feature. According to the team, users can trade by themselves, copy strategies of the top performers on the platform and be copied by newcomers.
Users are able to copy the most successful traders on more than 800 markets — including stocks, cryptocurrencies, indexes, forex, commodities, virtual items, contracts for difference (CFDs) and exchange-traded funds (ETFs) with nine crypto and fiat trading accounts to choose from.
Moreover, the team emphasizes, Naga Trader is positioned as a social network where traders can connect with each other by liking, commenting or sharing posts about their trading success and various strategies on the News Feed. The platform also enables access to the latest market news, an AI-powered trading advisor — CYBO — as well as interconnectivity with a range of company’s products.
From fintech to crypto market
Naga was founded in 2015 and was taken public on the Frankfurt Stock Exchange in July 2017. In November 2017, the company managed to reach around a 300 million euro market capitalization (about $330 million). The first products released by the team were trading social network SwipeStox (now called Naga Trader) and virtual marketplace Switex (later named as Naga Virtual).
The next direction that Naga chose for its development was creating multi-functional platforms and their own ecosystems. The first step in that area was releasing Naga’s own native token — the naga coin (NGC). The naga token sale ended by raising over $50 million, shattering the project’s original target number of $30 million.
The naga token is intended to serve in the Naga Group’s announced projects, including the Naga crypto wallet, trading and investing platform, virtual goods marketplace and financial education academy. After the token sale, Naga released a “cutting-edge cryptocurrency wallet” in April 2018. In July 2018, the team introduced gaming items as trading instruments within the Naga Trader platform.
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