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Brazil brokerage firm set to launch a cryptocurrency exchange

Brazil USDC
Brazil USDC

One of the leading brokerage firms in Brazil, XP Inc, is planning to launch a cryptocurrency platform by mid-August this year. The platform will allow people to trade Bitcoin and Ether, with more cryptocurrencies to be added by the end of the year.

Brazil brokerage firm to launch a crypto exchange

In May 2022, XP Inc, a Brazilian management company, announced a partnership with Nasdaq to launch a cryptocurrency exchange known as XTAGE. This platform will be fully integrated into the firm and will go live next month.

At the time of announcing the partnership, XP Inc had anticipated that the crypto exchange would be launched by the end of last month. However, this never happened, and in a recent interview with Reuters, the Director of Financial products at XP, Lucas Rabechini, said that the platform launch would be delayed until mid-August.

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The new trading platform will start by supporting the two largest cryptocurrencies by market cap before onboarding ten more assets in the following months. Rabechini also talked about the ongoing crypto market crash, saying that the prices were not a major feature of the crypto sector. He added that XP was focused on not only the price but also the technology.

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Rabechini also added that the company would ensure it complies with the local cryptocurrency regulations. It would also ensure that the 3.6 million registered customers are well-protected.

Brazil financial companies launch crypto offerings

Financial institutions in Brazil have been embracing crypto offerings. In September 2021, one of the leading banks in Brazil, BTG Pactual, announced support for its clients to trade cryptocurrencies through a newly launched platform, Mynt. Just like XP, Mynt also offered support for Bitcoin and Ethereum.

In May this year, a leading digital banking institution, Nubank, announced a partnership with Paxos to offer its users simple and seamless cryptocurrency services. The move targeted customers to support them in buying, selling, and holding Bitcoin and Ether through the banking applications. This would be done with cryptocurrency purchases starting from as low as $0.20.

PicPay, a digital payments platform in Brazil, unveiled a cryptocurrency exchange. This platform supports Bitcoin, Ethereum, and the Paxos USDP stablecoin pegged to the US dollar. The platform plans to support 100 coins by the end of this year.

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