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

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 Change Twitter account, noting that XP had rung the trade’s “Opening Bell” to have fun the launch of the XTAGE digital property buying and selling platform.

.@xpinvestimentos joins us for the Opening Bell to have fun the XTAGE digital property buying and selling platform.

Leveraging @NasdaqExchange’s know-how, XTAGE represents a key milestone in democratizing entry to the digital property market in Brazil. pic.twitter.com/DS3RXtWVpb

— Nasdaq Change (@NasdaqExchange) August 15, 2022

Initially, XP Inc’s 3.6 million purchasers may have entry to Bitcoin (BTC) and Ethereum (ETH) buying and selling, however the dealer advised Cointelegraph again in Could there were plans to “help different digital property and funding merchandise based mostly on crypto property sooner or later.”

Developed in partnership with main American inventory trade Nasdaq and crypto custody agency BitGo, XTAGE is totally built-in into the XP ecosystem, permitting customers to make crypto trades on its present app. 

Nonetheless, XP Director of Monetary Merchandise, Lucas Rabechini advised Reuters in a July interview solely purchasers with an “enough funding profile for such operations” can be allowed into the XTAGE platform.

Constructed on Nasdaq’s buying and selling know-how, XTAGE additionally has integration with MetaTrade 5, a foreign exchange and inventory buying and selling instrument.

Crypto custody agency BitGo is ready to behave as custodian, storing most of XTAGE’s property in chilly wallets not linked to the web.

Brazil rivals

XP Inc is simply the most recent Brazilian fintech participant to supply crypto buying and selling providers, following within the footsteps of Nubank and MercadoLibre.

Associated: Brazilian payment app PicPay launches crypto exchange with Paxos

Nubank, the most important digital financial institution in Brazil and Latin America, announced a partnership with Paxos in Could of this yr.

Following the announcement, clients have been in a position to begin shopping for, promoting, and storing cryptocurrencies immediately by means of Nubank.

Whereas MercadoPago, the fintech arm of MercadoLibre, introduced their Brazilian customers could buy, promote and maintain BTC, ETH, and U.S. dollar-backed stablecoin Pax Greenback (USDP) in December of 2021.