Cryptocurrencies have been in the eye of the storm recently as crypto behemoths like Celsius, Voyager Digital, and Three Arrows Capital have imploded. Since hitting all-time highs, Bitcoin has shed more than 60% of its value. Such shockwaves, however, have not altered the crypto focus of some major players.
Brazil’s largest broker, XP, has unveiled its new crypto trading platform called XTAGE in partnership with major American stock exchange Nasdaq. This is an important strategic move as Brazil continues to morph into a crypto hub.
Brazil’s XP is the latest to join the crypto bandwagon.
According to the Monday announcement from Nasdaq, XP said the XTAGE platform would allow users to buy, sell, and hold bitcoin and ethereum. This move will potentially bring XP’s 3.6 million users to the crypto markets.
XP first announced XTAGE in May, and employees started piloting the crypto platform in July before it was integrated fully into the brokerage. This means XP users can now trade crypto using the same app they already utilize. Built atop Nasdaq’s trading technology, XTAGE also integrated forex and stock trading tool, MetaTrade 5.
The company currently offers BTC and ETH trading with plans to expand its crypto offering to 10 more cryptocurrencies by the end of the year — though it didn’t elaborate on which assets will be included. Per XP’s financial products director, Lucas Rabechini, the brokerage hopes to hit at least 200,000 active crypto users by year-end.
XP isn’t the only local financial institution offering cryptocurrency investment services. It’s poised to face competition from high-profile fintech players in Brazil. Nubank, Mercado Libre, PicPay, and BTG Pactual have all recently revealed plans to provide customers with crypto-related services.
Brazil is notably one of the most advanced countries in the world in terms of the availability of investment vehicles focused on crypto assets. The country’s stock exchange presently lists four crypto exchange-traded funds (ETF).
Brazil, which is the biggest economy in Latin America, also attempted to give bitcoin legal status as a payment currency in the nation last October, and discussions are still ongoing in the Brazilian legislature.
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