XP Inc, a major Brazilian brokerage firm, has officially launched its cryptocurrency trading platform, XTAGE, in the country. Following this launch, the platform is expected to serve 3.6M customers in need of crypto services.
Bitcoin and Ethereum Trading on XP’s ‘XTAGE’ Platform.
The relevant announcement was made on the Nasdaq Exchange’s Twitter page on August 15th “Bitcoin. It was announced that XP would be using Nasdaq Exchange’s technology, and that the introduction of XTAGE would be a watershed moment in bringing digital assets to the Brazilian masses. Initially, 3.6M XP Inc customers will have access to Ethereum and Bitcoin trading. However, the broker claims it has a plan to expand this offering to include other assets and non-investment goods supported by crypto assets.
BitGo, a cryptocurrency custodian, and Nasdaq have joined forces to create XTAGE (a well-known stock exchange based in the United States). It’s fully integrated into the XP ecosystem, letting users trade cryptocurrencies directly from the app. However, according to Lucas Rabechini (Director of Financial Products at XP), participation in the XTAGE Project is restricted to consumers who have “suitable investment profiles” to handle such endeavors.
XTAGE, listed on the Nasdaq, plans to add 200,000 new customers by the end of the year.
Since XTAGE is built on the same trading technology that Nasdaq uses, it naturally works with MetaTrade 5. (known as a stock and forex trading instrument). BitGo is willing to act as a custodian, storing the majority of XTAGE’s assets in offline wallets. After MercadoLibre and Nubank, XP Inc is the only fintech company in Brazil offering services related to cryptocurrency trading.
The largest digital bank in Latin America and Brazil, Nubank, announced a partnership with Paxos in May 2022. After the announcement, customers could use Nubank as a centralized hub for all their cryptocurrency transactions, including storage, trading, and buying. In December of last year, MercadoPago, the fintech arm of MercadoLibre, announced that its Brazilian customers would be able to hold, sell, and buy ether (ETH), bitcoin (BTC), and pax dollar (a stablecoin backed by the US dollar).
The future potential of XP is remarkable, according to Lucas. By the project’s conclusion this year, XTAGE hopes to have attracted nearly 200,000 active users. However, the current capacity of the venue is almost 500,000 people.
