Brazilian Broker XP launches crypto trading to 3.5M users
XP Inc (XP.O) is set to launch a crypto trading platform, dubbed ‘XTAGE’, as Brazil’s largest broker is looking to tap into the growing interest in trading bitcoin and other digital assets.
The platform was developed in partnership with Nasdaq and BitGo and crypto features will be integrated into the XP app by the end of June. The new capability will allow XP’s 3.5 million users to make trades while staying on the platform. XTAGE is built on Nasdaq’s trading technology while BitGo will act as a custodian.
With hype around crypto definitely not abating, XP is ending a long hiatus after rivals stepped into the game to tap into the ever-expanding interests of trading cryptocurrency. Just yesterday, Nubank, the largest Brazilian digital bank, rolled out low-cost cryptocurrency trading to its clients via partnership with stablecoin issuer, Paxos.
To get some activity going on its network, XTAGE users will initially have access to an internal wallet where they can store their purchased bitcoins. Upon launch, however, they will not be able transfer funds to external wallets, a feature that XP plans to add in the future as it expands its offering and includes additional coins.
As per the joint statement , XP clients will be able to trade cryptocurrency at “super competitive fees.”
Brazilians have not missed the crypto trend
XP’s director of financial products Lucas Rabechini said: “The creation of XTAGE represents a major milestone in advancing on the digital assets market and in our ability to offer investors increased access to the emerging ecosystem. Through the technology partnership with Nasdaq, we are confident that XP will operate on an innovative and robust capital market infrastructure,”
“Nasdaq’s robust and flexible infrastructure technology, designed to meet market demands, as well as current and future regulatory structures, will allow XP to scale its platform reliably and introduce new asset classes as they grow and evolve,” said Roland Chai, head of market technology infrastructure at Nasdaq.
Brazilians have not missed the cryptocurrency trend and the country has been a hive of activity related to crypto assets. Within Latin America, the nation was the cryptocurrency ringleader both on the regulatory side and on the development side. Brazil alone accounts for more than a quarter of the $500 billion crypto market in Latin America.
Under the previous laws, crypto exchanges and other businesses serving as middlemen can provide the data on their clients voluntarily, but after a recent legislation was introduced, they can’t refuse or appeal the authorities’ requests to turn over information.
