Brazilian broker XP launches crypto business for 3.5M users

XP Inc (XP.O) is launching a crypto trading platform called ‘XTAGE’ as Brazil’s largest broker seeks to test its interest in trading bitcoin and other digital assets.

The platform was developed in collaboration with Nasdaq and BitGo, and crypto features will be integrated into the XP app by the end of June. The new capability will allow 3.5 million XP users to trade while on the platform. XTAGE is built on Nasdaq marketing technology and Bitgo works as a tutor.

Encouragement around crypto will certainly not diminish, XP has been pausing for a long time to meet the growing demand for cryptocurrency trading. Just yesterday, Nubank, Brazil’s largest digital bank, introduced low-cost cryptocurrency trading to its customers in collaboration with staticcoin provider Paxos.

XTAGE users can access an internal wallet to store bitcoins purchased to perform certain activities on the network. But when it starts working, you will not be able to transfer money to your wallet, this feature will expand the supply of XP in the future and include additional coins.

According to the joint venture, XP customers can trade cryptocurrencies with “highly competitive fees”.

Brazilians do not miss the crypto trend.

“XTAGE’s creation represents a major milestone in the digital assets market and for investors’ growing ecological benefits,” said Lucas Rabicini, director of XP Financial Products. In our technology partnership with Nasdak, we are confident that XP will work on innovative and robust capital market infrastructure.

“Nasdaq’s robust and flexible infrastructure technology, designed to meet market needs, as well as current and future control structures will enable the XP platform to grow and improve new assets as it grows and improves,” said Roland Chai, Head of Marketing. Technology Infrastructure by Nasdaq.

Brazilians have not escaped Crypto assets and the country has remained a cryptocurrency hub. In Latin America, the country was a leader in cryptocurrency through regulators and development. Brazil alone accounts for more than a quarter of the $ 500 billion crypto market in Latin America.

Under the previous rules, crypto exchanges and other medium-sized businesses could voluntarily provide information to their customers, but they could not reject or appeal the authorities’ request for information after a recent law was passed.

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