XP recently announced that it will open its trading platform crypto xtage in august for some of its clients. First, only Bitcoin and Ethereum will be available, although a total of ten digital assets will be available by early 2023. As a reminder, XP is the largest brokerage company in Brazil.
Focus on the launch of xtage
As a reminder, the platform xtage was first announced in May. According to Reuters, the crypto service will be available for XP customers from August. The company is set to provide access to a trading platform cryptowith bitcoin and ether as initially available assets. Other assets should be added by the end of the year. Indeed, the platform is currently only available for employees.
Lucas Rabechinidirector of financial products at XP, said: ” The platform xtage would be available to clients with “sufficient investment profiles for this type of business”.
Additionally, he added that the company plans toadd ten cryptocurrencies by early next year. He is optimistic about the development of cryptocurrencies and the technology itself.
“You can say ‘volumes have been low, orders have been low’, but we are seeing continued growth in this market over time, and our long-term view is not just price driven, but also on technology.”
Find out: Countless fintech startups are signing up for Fidelity’s Bitcoin 401(k) offering.
The adoption of cryptos in the Latin American area
Cryptocurrencies are popular in Latin America and Brazil is no exception. Brazil is known for its growing interest in cryptocurrencies. Indeed, many other countries offer similar services in the country. Nubank is the best known, associated with Paxos to allow customers to purchase bitcoin and ether.
So, multiple banks revealing crypto-related efforts. Moreover, the government has also played a role in shaping how crypto works in the country. The Brazilian Senate recently passed a bill introducing regulation on cryptography.
The bill, which has yet to pass the House of Representatives, would give regulators the ability to oversee crypto service providers. It may be the central bank that regulates the crypto industry.