Brazilian brokerage large XP Inc has formally launched its crypto buying and selling platform ‘XTAGE’ in Brazil, bringing a possible 3.6 million customers to the crypto markets.
The information was broke in an Aug. 15 put up by the Nasdaq Trade Twitter account, noting that XP had rung the alternate’s “Opening Bell” to rejoice the launch of the XTAGE digital property buying and selling platform.
.@xpinvestimentos joins us for the Opening Bell to rejoice the XTAGE digital property buying and selling platform.
Leveraging @NasdaqExchange’s expertise, XTAGE represents a key milestone in democratizing entry to the digital property market in Brazil. pic.twitter.com/DS3RXtWVpb
— Nasdaq Trade (@NasdaqExchange) August 15, 2022
Initially, XP Inc’s 3.6 million shoppers can have entry to Bitcoin (BTC) and Ethereum (ETH) buying and selling, however the dealer instructed Cointelegraph again in Could there have been plans to “assist different digital property and funding merchandise based mostly on crypto property sooner or later.”
Developed in partnership with main American inventory alternate Nasdaq and crypto custody agency BitGo, XTAGE is absolutely built-in into the XP ecosystem, permitting customers to make crypto trades on its current app.
Nonetheless, XP Director of Monetary Merchandise, Lucas Rabechini instructed Reuters in a July interview solely shoppers with an “satisfactory funding profile for such operations” might be allowed into the XTAGE platform.
Constructed on Nasdaq’s buying and selling expertise, XTAGE additionally has integration with MetaTrade 5, a foreign exchange and inventory buying and selling software.
Crypto custody agency BitGo is ready to behave as custodian, storing most of XTAGE’s property in chilly wallets not related to the web.
Brazil opponents
XP Inc is simply the most recent Brazilian fintech participant to supply crypto buying and selling companies, following within the footsteps of Nubank and MercadoLibre.
Associated: Brazilian cost app PicPay launches crypto alternate with Paxos
Nubank, the biggest digital financial institution in Brazil and Latin America, introduced a partnership with Paxos in Could of this yr.
Following the announcement, prospects have been capable of begin shopping for, promoting, and storing cryptocurrencies straight by Nubank.
Whereas MercadoPago, the fintech arm of MercadoLibre, introduced their Brazilian prospects may purchase, promote and maintain BTC, ETH, and U.S. dollar-backed stablecoin Pax Greenback (USDP) in December of 2021.
