Brazil brokerage giant with 3.6M clients launches BTC and ETH trading

Brazilian brokerage giant XP Inc has officially launched its cryptocurrency trading platform XTAGE in Brazil, bringing 3.6 million potential users to the cryptocurrency market.

The news was made in an Aug. 15 post by the Nasdaq Exchange Twitter account, noting that XP rang the exchange’s “opening bell” to celebrate the launch of the XTAGE digital asset trading platform. rice field.

.@xpinvestimentos Join the opening bell celebrating the XTAGE digital asset trading platform.

leverage @nasdaq exchange‘s technology, XTAGE, represents an important milestone in democratizing access to the Brazilian digital asset market. pic.twitter.com/DS3RXtWVpb

Nasdaq Exchange (@NasdaqExchange) August 15, 2022

Initially, XP Inc’s 3.6 million customers will be able to access trading in Bitcoin (BTC) and Ethereum (ETH), but the broker told Cointelegraph in May that “in the future, other digital We have plans to support assets and investment products.”

Developed in partnership with leading US stock exchange Nasdaq and cryptocurrency custodian BitGo, XTAGE is fully integrated into the XP ecosystem, allowing users to trade cryptocurrencies in their existing apps. .

However, XP’s director of financial products, Lucas Rabechini, said in an interview with Reuters in July that only clients with a “sufficient investment profile for such operations” could join the XTAGE platform.

Built on Nasdaq’s trading technology, XTAGE is also integrated with MetaTrade 5, a forex and equities trading tool.

Crypto custodian BitGo is set to act as a custodian, storing most of XTAGE’s assets in cold wallets that are not connected to the internet.

Brazilian player

XP Inc is the latest Brazilian fintech company to offer cryptocurrency trading services, following in the footsteps of Nubank and MercadoLibre.

Related: Brazilian Payments App PicPay Launches Crypto Exchange With Paxos

Nubank, the largest digital bank in Brazil and Latin America, announced a partnership with Paxos in May of this year.

After the announcement, customers will be able to start buying, selling and storing cryptocurrencies directly through Nubank.

Meanwhile, MercadoPago, the fintech arm of MercadoLibre, announced that customers in Brazil will be able to buy, sell and hold BTC, ETH and the USD-backed stablecoin Pax Dollar (USDP) in December 2021. .