Naga Group has qualified to trade on the OTCQX Best Market, operated by OTC Markets Group, a trading venue that has 11,000 U.S. and global securities listed for trading.
Naga, which connects personal finance transactions and investments through its social trading platform, has been upgraded to OTCQX from the Pink market.
The stock of Naga Group AG has already begun trading on OTCQX under the symbol “NAGGF”. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.
Benjamin Bilski, Founder & CEO, The NAGA Group AG, said: “We are truly excited to be part of the OTCQX Best market. It’s a fantastic opportunity to enlarge our investor base and to get visibility in the US. NAGA has seen strong growth in the past years and operates in one of the largest markets worldwide. We have a lot of opportunities ahead of us and are excited to grow globally with a global investor base”.
OTC Markets connects a diverse network of broker-dealers that provide liquidity and execution services to enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for investors.
MCAP LLC is acting as Naga Group’s OTCQX advisor. The US broker-dealer provides institutional securities services and electronic market-making.
Naga offers a range of products from stock trading to investments and cryptocurrencies via its proprietary platform. Users have access to relevant information in the feed and autocopy features for successful members’ trades.
The social trading platform reported record revenues of $29 million for the first half of 2021. This includes unaudited revenues of $15 million for Q2 of 2021.
This is an increase of 85% over the revenue in the first half of 2020 which was only $15.7 million and the company says that this almost equals the revenue for the entire year of 2020 which was only $30 million.
There has been a significant increase in all their trading numbers with copy trading being the chief among them and have contributed a great deal to the overall revenue.
The company indicated earlier this year that its sales guidance for 2021 was updated to EUR 50 – 52 million with an EBITDA of EUR 13 million – EUR 15 million.
The CySEC-regulated Forex broker has recently appointed Petros Kalaitzis as Head of Customer Experience, based in Cyprus.
Kalaitzis joined NAGA from Tickmill, where he was Head of Client Services – Listed Derivatives (UK & EU) for a year and a half, based in the UK.