XTAGE now offers bitcoin and ether trading to 3.6M Brazilian investors

abdelaziz Fathi

Brazilian financial services giant XP has officially launched its crypto trading platform XTAGE, which was built on major American stock exchange Nasdaq’s trading technology.

XTAGE will initially trade the world’s two largest cryptocurrencies, bitcoin and ether, but plans to expand its assets portfolio by the end of this year.


The platform was developed in partnership with Nasdaq and BitGo and crypto features will be integrated into the XP app. The new capability will allow XP’s 3.6 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. In May,  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.”

XP’s director of financial products explains: “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.”

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.

Read this next

Digital Assets

LMAX Digital onboards Bryan Christian and Cassandra Cox to lead sales

Institutional cryptocurrency exchange LMAX Digital continues to undergo a series of changes in its top ranks as it continues to build its presence globally. Two industry veterans, Bryan Christian and Cassandra Cox, have joined the group as its newest sales directors in Europe and USA.

Digital Assets

Cake DeFi introduces Ethereum Staking with 5% returns

Cake DeFi, a Singapore-based DeFi platform, is launching its Ethereum (ETH) staking service for retail and institutional customers.

Retail FX

FX trading rebounds 405pct at Saxo Bank in September

In a volatile market driven by Russia-Ukraine headlines, FX trading volumes through Saxo Bank have rebounded strongly in September to the highest level in three months.

Retail FX

CMC Markets’ stock climbs as H1 revenue to climb +20%

CMC Markets PLC (LSE:CMCX) shares spiked 5.6 percent to 235p in Thursday’s trading after the firm’s trading update for the first half of its fiscal year 2023 revealed results at the high end of company projections.

Retail FX

Interactive Brokers doubles client accounts to 2 million in 24 months

Electronic brokerage firm Interactive Brokers LLC (NASDAQ:IBKR) said its trading volumes took a slight step back in September, an indication that investor confidence is still fairly mixed over the past few months.

Digital Assets

DeFiChain tokenizes Walmart, Unilever, US Oil and Gas Funds

Bitcoin-based DeFi platform DeFiChain is opening up the opportunity for its users to trade crypto versions of Walmart, Unilever, US Oil Fund, and US Gas Fund.

Industry News

The B2Broker B2Core REST API Is Now Live

B2Broker has announced the release of its new REST API, which lets customers use B2Broker’s solutions and services for business purposes.

Executive Moves

CME Group taps Paul Woolman to lead Equity Index, Giovanni Vicioso to lead Crypto

“Our equity and cryptocurrency businesses have experienced tremendous growth in recent years, underpinned by strong customer adoption and continued innovation.”

Technology

Sumsub launches document-free KYC for users in India, Brazil, Nigeria and Indonesia

Sumsub has launched one click-KYC for users in India, Brazil, Nigeria and Indonesia in a move that allows businesses to instantly onboard over 2 billion users without requesting their ID documents.

<