The Brazilian investment management company – XP Inc. – reportedly joined forces with Nasdaq to launch a cryptocurrency trading platform. Called XTAGE, it should go live by the end of June. Initially, it will enable investors to buy and sell bitcoin and ether.|813e1e75dbd5a43437b5b78ca474bfa4|
The latest organization to open up to the crypto industry is the largest broker in the country – XP Inc. According to reports, the company partnered with Nasdaq to launch a digital asset trading platform called XTAGE. It will be fully integrated into XP’s ecosystem and should be operational by the end of next month.
At first, the platform will allow users to trade the two leading cryptocurrencies by market capitalization – bitcoin and ether. CFO Bruno Constantino clarified that XP customers will have access directly from the firm’s application. Later on, it will be extended to external investors.
Talking about the recent declines, the executive argued that “where the market is [in terms of pricing] is irrelevant to the launch of the exchange:”
“The timing of the launch is linked to the development of a platform with security, scalability, and speed for the client.”
Commenting on the partnership was also Lucas Rabechini – Director of Financial Products. He asserted that XP does not care about the current condition of the cryptocurrency market. In his view, the niche has the potential to grow, and as such, the broker is focused on the next five ten years.
For his part, Roland Chai – Executive Vice President of Nasdaq – opined that the collaboration with XP could grant additional access to crypto services and create new opportunities for Brazilian investors:
“Nasdaq’s robust and flexible infrastructure technology, designed to meet market demands as well as current and future regulatory frameworks, will allow XP to reliably scale its platform and introduce new asset classes as it grows and evolves.”
Earlier this week, Brazil’s largest digital bank – Nubank – collaborated with Paxos Trust to launch crypto services. CEO David Vélez described the industry as a “growing trend in Latin America,” believing it will have a “transformational impact on the region.”
The bank, headquartered in Sao Paulo, is among the leading fintech institutions in South America. It has engineering offices in Buenos Aires, Mexico City, and even Germany’s capital – Berlin. Nubank serves over 50 million clients, while its valuation exceeds $55 billion.
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