Listed NAGA Group announced that it is launching a VISA-approved card program in partnership with Solaris Group and its UK and Lithuanian-regulated Contis Group through its NAGA Pay scheme. As with other such crypto cards or, for example, Binance, NAGA users will be able to spend both fiat and crypto in real-time at the point of sale. The NAGA Pay app will unlock the “Pay with Crypto” feature for all customers in the app stores on 7 Sept 2022, the company said.
Key data
| Trading name | NAGA NAGA Pay NAGAX |
| Domains | https://naga.com https://nagax.com https://pay.naga.com https://naga-global.com https://nagamarkets.com |
| Legal entities | The Naga Group AG, Germany Naga Technology GmbH, Germany Naga Pay GmbH, Germany (with Contis Financial Services Ltd) Nagax Europe OÜ, Estonia Naga Global LLC, SVG NAGA Global (CY) Ltd, Cyprus Naga Markets Europe Ltd, Cyprus Naga Development Association Ltd, Belize |
| Enabling entities | Contis Financial Services Ltd for NAGA Pay UAB «Finansinės paslaugos „Contis” for Naga Pay |
| Regulator | CySEC für Naga Markets Europe Ltd (license number 204/13) Estonian FIU for NAGAX Europe OÜ BaFin for Naga stocks |
| Related individuals | Benjamin Bilski, CEO |
Short Narrative
NAGA Markets Europe Ltd d/b/a NAGA is a Cyprus Investment Firm (CIF) regulated by CySEC with license number 204/13.
Naga Pay
Just a few weeks ago, NAGA launched NAGA Pay together with Contis. The NAGA Pay app, available on Google Play and in the Apple Store, promises that it can be used to make global payments via an IBAN bank account and invest and trade. Also included is a NAGA-branded Visa debit card.
The NAGA Pay account and Visa card are issued by Contis Financial Services Ltd, authorized as an e-Money Institution by the UK Financial Conduct Authority (FCA) and UAB «Finansinės paslaugos „Contis,“ regulated by the Bank of Lithuania. Contis will safeguard the clients’ funds.
NAGAX Crypto Exchange
In addition to NAGA Pay, the Group now also operates the regulated NAGAX crypto exchange through which currency transactions are processed from crypto to FIAT and vice versa. The crypto exchange operator is the Estonian NAGAX Europe OÜ, which has a crypto license from the Estonian FIU.
NAGAX offers the usual features like buying crypto with credit cards, social trading, or a built-in NFT marketplace offering staking, copy-trading, or launchpad!
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