XP Inc, Brazil’s biggest broker by equity trading comparable to IBKR or Charles Schwab, has partnered with Nasdaq to begin offering the buying and selling of cryptocurrencies.
XTAGE, the new crypto trading platform, is expected to go live by the end of the second quarter this year, the company said.
“The creation of XTAGE represents a major milestone in advancing on the digital assets market and in our ability to offer investors increased access to the emerging ecosystem,” said Lucas Rabechini, Director of Financial Products at XP Inc.
The new crypto platform will be integrated with their current app, with Bruno Constantino, Chief Financial Officer at XP, stating:
“At the time of launch, our 3.5 million current customers will have access to the trading platform directly in the existing app that they already use.”
They have $70 billion in assets under management as of their IPO in late 2019 when the company was valued at about $20 billion.
Making this development notable for its indication that cryptos are really starting to take off in Brazil.
There has been a stream of news coming out of there, with the political class in Brazil very supportive towards this space.
Now, crypto appears to be on the verge of going mainstream, here as well as perhaps more widely in the developing world as ordinary investors will soon be able to trade from their stock portfolio.
