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Rico unveils plan for crypto services in Brazil

Brazil
Brazil

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Crypto is gradually finding its feet in the Brazilian market. Recently, a popular Brazil-based brokerage platform Rico unveiled plans to venture into the crypto market next year.

The advancement will not stop at crypto services alone. the division of XP Inc. will also extend its services into banking and finance. The firm will launch virtual account services alongside a credit card. However, this latest development aligns with the recent exodus of firms in Brazil into crypto. 

Part of Rico’s plan includes the adoption of insurance services by 2023. Though the firm conceded that Banco XP would run the projects while it would manage them through its brand. Meanwhile, these services will not become available to Rico’s customers immediately after the firm initiates them. Rico claims that about 50% of the firm’s customers will benefit from the projects upon launch. 

Change In Status Quo

Meanwhile, other firms in Brazil that had ventured into crypto rely solely on institutional investors for patronage. However, Rico aims to change the status quo and usher in a new dimension of the market target. The firm is working to accommodate young individual investors with a minimum income of $1,000. 

A top official of Rico, Pedro Canellas, aired his opinion regarding this approach. According to him, the firm must approach the market differently. He emphasizes the need for Rico to be more flexible with the youthful populace for it to strive.

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Additionally, Canellas indicated that Rico is willing to help customers cultivate a saving culture. According to him, that’s the best blueprint to follow to nurture them into becoming large investors. Canellas also expressed full confidence in the projects. He added that Rico would reach out to the neglected population of the crypto market segment in Brazil. 

Rico disclosed that this market segment is young. Furthermore, Canellas echoed the firm’s confidence in expanding its user base with the new projects. He opined that by 2025, Rico’s user base would have multiplied by three as a result of the projects. 

Canellas uplifted a lid on one of the proposed projects. According to him, users can invest in crypto through a credit card. He divulged that the initiative would aid them in investing by paying a certain percentage on an investment plan through their credit card.

The exodus of firms into the crypto market In Brazil

In Brazil, it’s now a trend for traditional financial institutions to venture into crypto. Lately, the crypto space has witnessed an inflow of top firms Santander, Itau, Unibanco, Nubank, and Picpay.

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