XP Inc has become the latest Brazilian fintech player to offer crypto trading services, following Nubank and MercadoLibre.
Brazilian brokerage giant XP Inc has officially launched its crypto trading platform ‘XTAGE’ in Brazil, bringing a potential 3.6 million users to the crypto markets, following Nubank and MercadoLibre.
Nasdaq Exchange tweeted on Aug 15 that XP had rung the exchange’s “Opening Bell” to celebrate the launch of the XTAGE digital assets trading platform.
Primarily, XP Inc’s 3.6 million clients will have access to Bitcoin (BTC) and Ethereum (ETH) trading. The broker told Cointelegraph back in May there were plans to “support other digital assets and investment products based on crypto assets in the future.”
XTAGE is developed in partnership with major American stock exchange Nasdaq and crypto custody firm BitGo. It is fully integrated into the XP ecosystem, permitting users to make crypto trades on its existing app.
Lucas Rabechini, XP Director of Financial Products, earlier told Reuters in a July interview only clients with an “adequate investment profile for such operations” will be allowed into the XTAGE platform.
XTAGE also has integration with MetaTrade 5, a forex and stock trading tool as it is Built on Nasdaq’s trading technology.
Crypto custody firm BitGo is set to act as custodian, storing most of XTAGE’s assets in cold wallets not connected to the internet.
Nubank, the largest digital bank in Brazil and Latin America, declared its partnership with Paxos in May of this year.
Following the announcement, customers were able to start buying, selling, and storing cryptocurrencies directly through Nubank.
While MercadoPago, the fintech arm of MercadoLibre, announced their Brazillion customers will sell and hold BTC, ETH, and U.S. dollar-backed stablecoin Pax Dollar (USDP) in December of 2021.
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