Image source: NAGA
The social investing platform with a global community, NAGA, recently acknowledged the demand to integrate the NAGA Coin ($NGC) across its platforms. In just a matter of weeks, the platform has now added the token to the NAGA Trading Platform.
The NAGA Coin ($NGC) will serve as the utility token across all of NAGA’s offerings, including the NAGA Trader, NAGA DeFi, and NAGA Social Betting. With $NGC, users will be able to benefit from reduced copy trading fees on the platform, create smart contracts for copy trading, and experience an expanded range of functionality.
In addition to this, all NAGA users can now trade $NGC as a contract for difference (CFD) and also as real, underlying crypto through the NAGA Crypto wallet, tradable only at 1:1 (no leverage) and without the option of shorting. In terms of fees, by using $NGC, users can save up to 50% on all copy fees when copying other traders on the NAGA platform.
Utility Token To Unlock A Range Client-Centric Features
Launched in 2017 in partnership with The NAGA Group AG, a German FinTech company publicly listed on the Frankfurt Stock Exchange, the $NGC token had raised $50,000,000 from 63,000 contributors through its ICO (Initial Coin Offering).
Although the platform currently has a market cap of $31 million, the $NGC token has utility unlike meme coins, which will play a critical role in helping augment the $NGC token’s value.
Not only does the token power the entire NAGA ecosystem, but it also includes noteworthy benefits like cashback on a per-trade basis, discounts, free access to both paid and premium content, and double credit bonuses to name a few.
Users can trade over 1,500 global financial assets such as Tesla, Facebook, gold, and other cryptocurrencies using the NAGA Coin ($NGC), which was initially introduced to eliminate the need for a bank account or fiat money. Based on the ERC-20 token standard, $NGC integrates both investing and social trading capabilities while also expanding into decentralized finance (DeFi) applications and sports betting, adding a whole range of new utilities.
The $NGC token can also be readily integrated into the NAGA Wallet, enabling users the flexibility to send and receive crypto using their registered email addresses, thereby eliminating the need to copy-paste lengthy wallet IDs. The NAGA Wallet also offers zero-fee internal transactions, real-time price updates, multi-currency support, a built-in trading exchange, and an ICO hub. Moreover, the $NGC token empowers content creators and skilled traders to monetize their trading strategies by gaining copiers on their positions, which results in payments being made instantly into their wallets.
As a platform, NAGA experienced 157% year-on-year (YoY) growth through the third quarter of, 2021, with revenue reaching almost $21 million. In recent months, NAGA has participated of prominent projects like the 2021 Dubai Forex Expo and pushed for more partnerships, securing deals with Sevilla FC, LaLiga FC, and Porsche GT Racer Tio Ellinas. Adding to its momentum, the platform closed a $27 million funding round from Christian Angermayer and Peter Thiel's fund to expand globally.
For now, the $NGC token is valued at around $0.50, leaving room for upside after a challenging period of the coin’s valuation. Given the rate at which the NAGA platform has grown this year, amassing more than a million active users worldwide, NAGA’s valuation is potentially poised for further gains. With the increasing demand to bring financial services to the global unbanked, NAGA’s extensive product suite has the potential to become the go-to space for trading and all things crypto, especially due to the expanded utility its native $NGC token delivers.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.