NAGA Secures New Seychelles License

“The Seychelles license gives us a completely regulated place to work outside of Europe. This lets us improve our banking and payment connections and give our B2B sector more importance.” Customers are also better protected. “We've been working on this license for several months and are very excited to have it operational in Q4.”

The financial authority of Cyprus, CySEC, has given NAGA's website, nagamarkets.com, a CIF license. It looks that naga.com will be run under a Seychelles license.

NAGA also said that its NAGAX crypto subsidiary has signed a Letter of Intent with Brazil's Guide Investimentos to create a Joint Venture to provide a crypto trading platform in Brazil using NAGAX's capabilities for spot and staking of crypto assets. The FOSUN Group owns Guide Investimentos, one of Brazil's largest digital asset management platforms. Mr. Bilski added:

“The Brazilian market for digital goods is expanding quickly.” Cryptocurrency is one of the fastest-growing categories of the Brazilian Internet economy. The guide is already well-known in Brazil, and its brokerage firm is already handling deals worth billions of dollars. NAGAX gives Guide a strong crypto environment and will make it easy for Guide customers to use crypto services. With the market how it is, we are preparing for the next wave of crypto adoption, so this collaboration is quite exciting for us.

NAGA also disclosed some financial details, since its stock is trading around a 52-week low of just over €1; late last year, NAGA shares were trading in the €8–9 area. As was already said, NAGA's management has started cutting costs and making the company run more efficiently. The monthly cost has already been reduced by more than 30%, but sales in August and September were at HY1 2022 average levels. NAGA's greatest month in terms of operating cash flow in 2022 was September, when it generated more than EUR 1 million.

NAGA Group's one-year share price graph. Source: Google Finance.

“We're always lowering our prices.” We are not yet where we want to be, but it is heartening to see that we can continue significant top-line growth while managing the firm on its own cash flow. “Our aim is to position ourselves to push the company ahead without the need for further money, and only obtain extra funding to drive new business and innovation or to accelerate when the markets recover,” Bilski said of the favorable developments.

“However, we must acknowledge that this year has been quite difficult for us,” he says from unanticipated accounting changes to extraordinary stock market pressure, which has adversely impacted our share price and valuations, to investing in and launching technologies like NAGAX amid the worst conceivable market circumstances for the crypto sector. We've learned a lot this year, and we're still dedicated to and confident in NAGA. We've really built a strong base. We can see the growth and potential, which gives us a lot of hope for the future. We want to thank our investors for remaining committed and supportive of management during this difficult time, and we pledge to work tirelessly to demonstrate once more that NAGA is a growing and substantial FinTech company with sustainable revenue streams and an agile management team that understands how to navigate through difficult times.

Finally, after many months of delay due to extensive audit work, NAGA announced that its audit firm E&Y has completed work on the audited financial statements and will issue its signed-off financial accounts for 2021 on October 14.

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