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XP will offer crypto trading to clients with an adequate investment profile from August.
Initially, only Bitcoin and Ethereum will be available.
Several banks in Brazil are beginning to offer crypto services.
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Brazil’s largest brokerage, XP, has announced that it will open its Xtage crypto trading platform to some clients in August. To begin with, only Bitcoin and Ethereum will be available, though a total of ten digital assets will be available by the start of 2023.
XP, Brazil’s largest brokerage, will begin to offer crypto services to its clients starting in August 2022, according to a Reuters report. The company is set to provide access to the crypto trading platform, with bitcoin and ether being the assets initially available. More assets are expected to be added by the end of the year.
XP’s director of financial products Lucas Rabechini told Reuters in an interview that the Xtage platform would be accessible to clients with an “adequate investment profile for such operations.” Currently, the platform is only open to employees.
Rabechini also told Reuters that the company plans to add ten cryptocurrencies by the start of next year. He was optimistic about the growth of crypto and the technology itself, saying,
“You can say ‘the volume has been weak, there will be few orders,’ but we see this market systematically growing over time, and our long-term view is not just focused on price, but also technology.”
XP has 3.6 million customers, and the Xtage platform was first announced in May. Brazil is known to have a burgeoning interest in crypto, and many others are also offering similar services. Nubank is the most well-known of these, and it has partnered with Paxos to allow clients to buy bitcoin and ether.
Cryptocurrencies are popular in Latin America, and Brazil is no exception. The news coming out of the region has been growing, with both positive and negative developments taking place.
Besides several banks revealing crypto-related efforts, the government has also been playing a part in shaping how crypto works in the nation. The Brazilian Senate recently passed a bill that introduced crypto regulations.
The bill, which is yet to see voting by the Chamber of Deputies, will see regulatory agencies given the capacity to supervise crypto services providers. It is likely the central bank that will oversee the crypto sector.
The highlight of the bill is the anti-money laundering requirements, which have, become important for many governments. The regulation could spur a new influx of investment and certainly reassure banks and businesses thinking of working with crypto.
Rahul's cryptocurrency journey first began in 2014. With a postgraduate degree in finance, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has guided a number of startups to navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars.
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