The NAGA Group AG
- WKN: A161NR
- ISIN: DE000A161NR7
- Land: Deutschland
Nachricht vom 04.12.2018 | 11:30
The NAGA Group AG: Significant milestone: NAGA enters into close cooperation with crypto-exchange Binance
DGAP-News: The NAGA Group AG / Key word(s): Alliance
- NAGA is one of fewer than 15 projects worldwide supported by the world's largest crypto-exchange
- Direct investments with Bitcoin and Ethereum on NAGA Trader are also now possible, making the prior conversion to euros or US dollars unnecessary
The Hamburg-based THE NAGA GROUP AG (NAGA) - a publicly traded financial company and FinTech with a focus on trading, transactions, the sale and exchange of virtual goods and cryptocurrencies - and the renowned cryptocurrency exchange Binance will be working in close collaboration in the future.
An important, initial part of the strategic cooperation is that those holding the cryptocurrency Binance Coin (BNB) will be able to buy investment products offered directly on NAGA Trader - without having to exchange their BNBs for a classic fiat currency beforehand.
Yasin Sebastian Qureshi, Executive Director of NAGA, is enthusiastic about the future collaboration: "Binance is the fastest growing cryptocurrency platform in the world and one of the largest ever in terms of market capitalisation. So far, Binance has partnered with just a few select projects - and NAGA is now one of them! This makes us incredibly proud and shows that we are offering the right added value for the community and crypto-market leaders."
BNB holders will have access to the entire NAGA Universe with NAGA Trader and will thus be able to trade any of its more than 800 products, such as stocks, commodities, ETFs or foreign currencies. Access to any funds in the NAGA Wallet will also be part of this.
Benjamin Bilski, also Executive Director of NAGA, is pleased about the new partnership and the millions of potential new customers it could bring to the NAGA Universe: "Driving the acceptance of cryptocurrencies is one of our biggest priorities. We therefore welcome the fact that we can include another cryptocurrency in our community. BNB customers also benefit from our extensive array of products, which range from banking to stock trading and investments in in-game items. We already have further joint projects in the pipeline."
Similar to BNB, all NAGA customers now have the option of using Bitcoin and Ethereum directly as a base currency for financial products and investments. This will result in many advantages as until now, Bitcoin and Ethereum have remained mostly as speculative investment instruments due to the limited number of possible applications. Anyone in possession of them has always been dependent on their respective and ever-changing equivalent value in, for example, euros. Especially in the case of a collapse in the exchange rate - as can currently be observed - this limited investment mechanism been severely detrimental to their holders. NAGA is changing this: as of now, Bitcoin and Ethereum serve as base currencies for investments - directly, without the need for them to be exchanged via a fiat account. The NAGA Trader trading platform can now be used to purchase all available investment products via a Bitcoin or Ethereum account.
NAGA Executive Director Yasin Sebastian Qureshi explains the new function on NAGA Trader: "Both cryptocurrencies now serve - like BNB - as base currencies for trading accounts. Cryptocurrencies no longer need to be converted for direct deposit into a NAGA Trader account. There are enormous opportunities presented by this offer, especially with the current price volatility. These cryptocurrencies can now be actively used as collateral for investments in other products. This creates the possibility of earning money with other financial products, even though one's own cryptocurrency has fallen in value, for example. In this case, one will then receive one's disposal proceeds from the increase in the value of one's shares in, for example, BNB, Bitcoin or Ethereum. In addition, NAGA Trader users can also speculate on falling prices. This means that one can, for example, hedge one's own Bitcoin or Ethereum holdings through short positions."
Benjamin Bilski adds: "Recent developments in the crypto-markets have meant that direct cryptocurrency trading is currently less attractive to some customers. NAGA now offers crypto-investors a way to actively use their crypto-balance for trading. This is a major milestone in cryptocurrencies. Potentially "idle" cryptocurrencies will now become real currencies with a new and practical area of application to open trading in almost all of the world's most liquid and popular financial instruments."
NAGA has created the legal and technological infrastructure for this offering and is one of the first service providers in the world to offer this financial innovation.
THE NAGA GROUP AG:
|Company:||The NAGA Group AG|
|Neustädter Neuer Weg 22|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Hamburg, Munich, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|
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