Brazil brokerage big XP Inc has formally launched ‘XTAGE’
Brazil brokerage big 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 broken in an Aug. 15 put up by the Nasdaq Change Twitter account, noting that XP had rung the alternate’s “Opening Bell” to have a good time for the launch of the XTAGE digital belongings buying and selling platform by Brazil brokerage.
.@xpinvestimentos joins us for the Opening Bell to have a good time the XTAGE digital belongings buying and selling platform.
— Nasdaq Change (@NasdaqExchange) August 15, 2022
Initially, XP Inc’s 3.6 million shoppers could have entry to Bitcoin (BTC) and Ethereum (ETH) buying and selling, however, the dealer instructed Cointelegraph again in Could there have been plans to “help different digital belongings and funding merchandise primarily based on crypto belongings 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.
Picture sourced by news.coincu.com
Nonetheless, XP Director of Monetary Merchandise, Lucas Rabechini instructed Reuters in a July interview solely shoppers with an “ample funding profile for such operations” shall be allowed into the XTAGE platform.
Constructed on Nasdaq’s buying and selling expertise, XTAGE by Brazil brokerage 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 belongings in chilly wallets not related to the web.
Brazil brokerage rivals
XP Inc is simply the newest Brazilian fintech participant to supply crypto buying and selling providers, following in the footsteps of Nubank and MercadoLibre.
Picture sourced by mobile.twitter.com
Nubank, the most important digital financial institution in Brazil and Latin America, introduced a partnership with Paxos in Could of this yr.
Following the announcement, clients had been capable of beginning shopping for, promoting, and storing cryptocurrencies straight by means of Nubank.
Whereas MercadoPago, the fintech arm of MercadoLibre, introduced their Brazilian clients might purchase, promote and maintain BTC, ETH, and U.S. dollar-backed stablecoin Pax Greenback (USDP) in December of 2021.
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