GAINS Associates
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GAINS Associates

NAGA — Telegram AMA — October 10

On Sunday, October 10, we had the pleasure to welcome to our Telegram chat:

Benjamin Bilski, CEO

We asked him questions about the development of NAGA

Some sentences have been slightly edited for readability but the meaning has been conserved.

Summary

NAGA was founded in 2015 with a vision to build the world’s most powerful app for finance. Today, NAGA is a global community of more than 1 million registered users who share their investments, get copied on their strategies, and drive millions of transactions on the platform. NAGA is a publicly listed company, regulated in various jurisdictions with offices around the globe.

NAGA allows you to trade all of the most popular assets in one place and benefit from professional tools. It has an easy-to-use interface, and superb support. The proprietary platform that gives you all the power of MT4 and MT5 in an easier and more accessible interface. Easy-to use-interface is topped up with advanced charting tools for the best trading experience. There is no commission on crypto CFD trading as well as low trading fees and competitive spreads. NAGA Autocopy is an innovative feature that lets you automatically copy leading NAGA traders. NAGA Markets Europe Ltd. is a trusted broker, licensed by EU financial regulators. Ebooks and Online Webinars where you can learn how to start trading or improve your trading skills.

NAGA is disrupting the worlds of trading and investment by making them more open and inclusive. It is the single solution that’s got it all: Trade, Earn, Invest, Acquire, Connect, Pay; all in one seamless and unified ecosystem that is radically social! Traders and investors from all around the world can use the NAGA technology every day inmany powerful ways: invest in the financial markets (physical stocks, CFDs in stocks, indices, currencies, energies, metals, commodities and cryptocurrencies), make payments in fiat and cryptocurrency, learn about wealth as well as communicate and connect with like-minded people anywhere and anytime. NAGA expands the one-of-a-kind experience with many other unique and innovative services such as the NAGA Mastercard, the AI-driven Portfolio baskets, the world’s first messenger where traders can exchange ideas and opinions in its public channels, Auto-Copying other traders and copying trading signals thanks to the revolutionary NAGA Signals feature.
NAGA is really greater than the sum of its parts and powerful when its full spectrum of products and features are used together.

Introduction

Q — Ayeley from GAINS: Please introduce yourself. What did you do before crypto and did you have any other previous venture in crypto?

A — Ben from NAGA: Yes sure. So I am Ben, 33 years old. I was born in Germany, but am of Polish origin. I had in my young age two “careers” On the one hand I started with 15 (that was in 2003) to drop-ship Mp3 players on amazon/eBay and in parallel I was also a professional swimmer in the German national team. So through e-commerce, I learned a lot about doing business online. I gained experience in e-commerce later I create one of Germany’s largest e-commerce shops for fishing equipment which got sold. Then I went into tech, infrastructure, and development. I tried quite some projects from social networks to price comparison engines until I went into FiNtech. I saw that most brokers and banks are boring and old-school so I decided to launch a “Tinder” like app for Stocks where people could swipe for trading signals. This app was called “SwipeStox” which I created during my studies in the Netherlands. Out of this, I created NAGA. In parallel, I stumbled upon crypto in 2014 when I invested the first time in BTC in December 2014

My swimming career lasted until 2009 actually, I was German champion — but business was more profitable to me :)

Benjamin Bilski, CEO

About

Q — Ayeley from GAINS: What is the project about in a few simple sentences?

A — Ben from NAGA: Ok, so NAGA is like LinkedIn but for Trading & Investing. You join for free, have your own personal feed where you can chat and share things around stocks, crypto, commodities, metals, etc. It’s over 1000 assets. You can follow, make friends but also — and this is the most unique feature, copy trade multiple people on their positions. When they trade, you trade. You can set up if you want to copy a % of their position or a fixed amount. This drove a lot of growth in the past. We added a native crypto wallet, a crypto exchange, and also now a VISA Card and Banking app Our vision is that soon all users from social media will merge with financial platforms and there will be only a few platforms that will win the race

I strongly believe in a “Super app” for investing and money. Where you enjoy good content from influencers, copy their investment tips, manage your money everywhere, and can do all-around finance. With one signup and one app.

Q — Telegram user COMIXHERO: NAGA is a word that comes from Indonesia which means dragon. Is that true? If so, why did you choose NAGA, and what philosophy from NAGA did you base your choice of that word on?

A — Ben from NAGA: It is the hottest chili in the world. That’s why we have a chili logo :)

Q — Ayeley from GAINS: Is anyone from any part of the world allowed to trade on the platform? Or perhaps there are some restrictions for people from certain regions?

A — Ben from NAGA: And we see how people nowadays learn about the markets: They come from youtube, Instagram, or TikTok. Not anymore via some investment advisors. Times are changing rapidly

We serve all markets currently except the USA and JAPAN and any sanctioned countries. We have over 1 Million people trading with us from +120 countries

Also just to mention to everyone: NAGA is listed on the German Stock Exchange, so we are publicly traded. In 2020 we were the best performing stock in the entire country with +600%.

Q — Telegram user Karima🐙: In NAGA one can follow, make friends. Does NAGA look like Facebook or Instagram? If no what is NAGA’s advantage over others?

A — Ben from NAGA: I think the combination of social networking and direct copy trading on 1000 assets is one. But also every time you share trade and people copy you, you get paid instantly. Some of our top traders earn $100,000 per month by just sharing trades. So it’s actually better than using youtube and have affiliate links :)

Q — Telegram user Alessa: NAGA has successfully made a turnaround at the company, yet we know how volatile the market remains. So what are the next steps embodied in your roadmap that will greatly guarantee NAGA’s long-term stay with social trading? What are the new changes after the restructuring?

A — Ben from NAGA: Social trading is a part. But also now crypto, our payments app, and further services around personal finance. The market changed really to full mainstream. A lot of users joined now the investing game and it will be here to stay. We are super confident to become a leading player in the industry. We know exactly how to scale and how to make money. This is a very strong fundament. Plus we will never stop to innovate and strengthen our regulatory framework. Regulation is key and you need to be on top of it.

Q — Telegram user Patrick: By registering with an account on NAGA users can access free cryptocurrency education so could you give me details about what kind of content and educational topics the platform covers? Are all the educational products totally free?

A — Ben from NAGA: We have our own academy and multiple live webinars every week (at least 20) in different languages. Also, we launched our own e-books and have one of the best educators in technical analysis on the planet. Education is key in the investing market!

Q — Telegram user Derry,S: Would you tell more about copy trade features, why traders need it, and how it works

A — Ben from NAGA: So you go to the leaderboard there you can find the bests traders easily each day, week, month. You can copy them with a tap. Either you say you want to copy by %. For example, If you copy me and I open a 1BTC trade you would trade 0.1BTC or you set a fixed cash amount. The cool thing is that everyone who trades well can make a place on the leaderboard and you get paid by NAGA immediately per copier. That’s why we have really good traders who get paid per copier per trade and make $100,000 each month. It’s a huge win-win for the copiers and leaders. We actually allow everyone to become an influencer and monetize their trade skills

Q — Telegram user Amina Peter: I learned that NAGA is the official sponsor of Sevilla FC. Can you tell me how this partnership has/will bring a Win-Win to both parties?

A — Ben from NAGA: Yes, we are on the front of the shirt. It will benefit us with media exposure, reputation and it will drive adoption. We have seen a lot of people joining since we announced it. Also for Sevilla, it shows their innovative character working with a FinTech like NAGA.

Token

Q — Twitter user @truongtran0305: Currently, most investors only focus on the price of tokens in short term instead of the real value of the project. Could you tell us the benefits of holding your token for the long term? You can tie in the use case and the role the token plays in the NAGA ecosystem.

A — Ben from NAGA: First of all: I agree that most investors look at “price only”. However, we need to all face the reality of any market: Crypto is maturing. Fundamentals will define success. Tokens without substance will be gone as quickly as they came up. “Price” is not a stable assumption to believe in.

Hence you need to start looking for fundamentals. Size, real revenues, platform adoption.

NAGA has proven itself as one of the most innovative trading brands in the sector. We are very strong now and know how to make money, grow fast and build good products

With our user base of 1M plus the fact that our users are investors where 50% use copy trading mainly, we will implement 2 very powerful use cases for the NAGA Coin (NGC):

1) Currently when you copy a trader you pay $1 per copied trade. We see around 0.5M copied real trades monthly. Hence ist really super active.

We will add an “NGC fee” mode where you will pay the fee in NGC and save 50%. Users will purchase NGCs and pay them to us and enjoy a massive discount. This will drive instant and constant buy demand for the token and it will grow with the user base linearly. That’s a massive push for the utility token

2) In NAGA we have different user levels, where you enjoy per level different benefits (reduced fees, exclusive access, and services). Usually, you need to hold a specific FIAT balance.

We will add here also the “NGC mode” where holding X of NGC per account level grants you all benefits

As we have thousands of users joining and 100% use the levels you again have more demand, less supply — so from a tokenomics standpoint the absolute perfect scenario

Now as we raised funds, we grow, we invest actively in user growth

Hence: More users, more transactions, more NGC demand.

Q — Telegram user Ampri: Where can we get your token?

A — Ben from NAGA: Currently on Bittrex, Uniswap. Soon we launch our own gateway via nagacoin.io (in November)

Security

Q — Telegram user aci: Can you In terms of security, what is NGC’s plan to build something that will attract retail and institutional investors who desperately need a secure product? And Almost all CEX platforms do KYC, will NAGA add KYC features?

A — Ben from NAGA: We have a full KYC — we are a fully regulated brokerage company. Regulation is key guys and will be key. Only trust companies that run KYC, the rest will be shut down.

And security-wise you have all features needed. Personal Pin, MFA, etc. Also, we’ve never been hacked.

Funding

Q — Ayeley from GAINS: I remember the NAGA ICO in 2017. How did you handle the funds raised then? And is the company financially strong after all these years? Do you have plans to do any future raises?

A — Ben from NAGA: Yes the NAGA ICO was quite a ride. We raised back then — just before the crypto bear market — around $50M from over 63000 people. Everyone was of course very excited and we started to build ours in a partnership between the Coin Issuer and the NAGA Group crypto products that would be integrated into the core trading platform. We started with NAGA Wallet and then NAGAX the crypto exchange. Plus we started to build a virtual item exchange (Actually like NFT platforms are now ;) )

Money was raised in December 2017, there was a short move up around January and then the market crumbled. Obviously, most of the assets were held in crypto, so the value went down.

However, the project stuck to the roadmap and released the wallet in June 2018 and NAGAX in winter 2018.

There were also crypto campaigns by NAGA in 2018/2019 sponsoring a soccer club and TV ads.

The interest was super low for crypto and in parallel also NAGA as a company struggled a lot.

Revenues in 2018 started to go down, by 2019 we were losing several million monthly.

I took over as CEO from May 2019 and restructured the entire business. The share price was as low as €0.50. The company was worth less than €20M on the exchange. Very limited cash. Also, we lost over 13M€ in 2019 and had revenues like €6M…

After the restructuring, expansion, better cost management I managed together with my new board colleagues to turn around the business

2 years we raised now more than €30M, we increased the market cap from €20M to €300M (15x) and are stronger than ever

Also if you look at revenue: We had €6M in 2019, €25M (+400%) in 2020 and are on track to hit €50M (Another 100%) So currently NAGA is one of the fastest-growing FinTech in Europe

If you ask me: No other project has such strong core fundamentals. We are supercharged now to drive crypto adoption for our platform.

Business Development

Q — Twitter user @tuan_iker: Could you share with us some biggest achievements so far and some superior features of NAGA that you guys are building right now?

A — Ben from NAGA: I think we achieved a lot in that short amount of time, especially last 2 years where I had the opportunity to prove myself as CEO.

- Most successful stock 2020 in Germany

- One of the fastest-growing FinTechs in Europe

- Over $400M market cap created

- Raised funds from billionaires in our latest funding round, including from Peter Thiels Founders fund

- Main sponsor since August 2021 of Sevilla FC, so the NAGA Chili is in the Champions league

Noteworthy from the products:

- We have built the most innovative trading platform with social features worldwide

- NAGA Pay our very own payments apps with VISA & IBAN accounts and full integration into stock trading

AND: What everyone will love here: As we run our own crypto infrastructure you can signup, deposit BTC/ETH to open your BTC or ETH based trading account and you can invest in 1000 assets such as Tesla

So you use your BTC margin to buy Tesla, Gold, Silver, etc etc — this combined with our social network, the education, the payments app will make use of one of the strongest platforms in the future globally

Q — Telegram user Anitax: Being a company with over 1 million users I would like to know if you offer customer support in languages other than English? How global is NAGA? How easy is it to use your platform for a person who has never traded or done anything related to cryptocurrencies?

A — Ben from NAGA: We have the platform in 14 languages and also support in at least 10 — it’s a fully global platform, with global payments methods (over 200). We started always with the aim to be truly global.

Ben, thanks for coming into our community, and taking the time to answer our questions. Anything else you’d like to say? Where can we follow you to stay updated? — Ayeley Commodore-Mensah from GAINS Associates

So there are 3 sources to stay updated:

1) Is our brand new Telegram group. We relaunched it as we had to clean it a bit. You can also follow NAGA on Twitter and Instagram.

2) Follow me on Twitter and on Instagram, where I post all around the NAGA life — Bejamin Bilski from NAGA

Join us now! Enjoy quality articles, daily curated news, insightful infographics, and enter a vibrant, fun, and knowledgeable community!

Website | Telegram ANN | Telegram Group | Discord | Twitter | YouTube

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GAINS Associates provides you with the latest news and research in blockchain and crypto. It’s a community for everyone to learn and grow together.

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