XP Inc. – one of Brazil’s largest brokerage firms – expects to release its cryptocurrency platform by mid-August 2022. Initially, the company will allow trading in Bitcoin (BTC) and Ether (ETH), while it could add more digital assets later in the year.
The demise of Crypto is not a problem for XP
In May this year, Brazilian investment management company – XP Inc. – partnered with Nasdaq to create a digital asset exchange called XTAGE. The platform should be fully integrated into the company’s ecosystem and go live by the end of June.
However, in a recent interview for Reuters, Lucas Rabechini – director of financial products at XP – said the launch of the platform would be delayed until mid-August. As originally planned, the exchange will support the two largest cryptocurrencies by market cap – Bitcoin and Ether – while ten more assets should follow in the coming months.
Regarding the ongoing market crash, Rabechini argued that crypto prices are not the only important feature of the industry:
“One can say ‘volume has been weak, there will be few orders’, but we see this market growing systematically over time and our long-term perspective is not only focused on price but also on technology.”
Rabechini then assured that XP’s crypto services will comply with national laws to provide maximum protection for the company’s 3.6 million customers.
Brazil’s financial giants are rushing to offer crypto services
Last September, one of the largest Brazilian banks – BTG Pactual – allowed its customers to trade cryptocurrencies directly through a new platform called Mynt. Similar to XP, the financial institution only included bitcoin and ether in the offering.
In May 2022, Latin America’s largest digital bank – Nubank – partnered with Paxos to offer its users a simple and seamless cryptocurrency experience. Specifically, customers could buy, sell, and hold BTC and ETH through the banking app, with crypto purchases starting from $0.20 (BRL 1).
Two weeks ago, Brazilian digital payments startup – PicPay – launched a cryptocurrency exchange. In addition to bitcoin and ether, the platform will also support the stablecoin Paxos USDP, which is pegged 1:1 to the US dollar. The trading platform wants to support up to 100 coins by the end of 2022.
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