Brazilian broker XP launches crypto trading platform

XP will allow its customers to trade Bitcoin and Ethereum via a partnership with Nasdaq

Skyline of São Paulo, where Brazilian brokerage XP is based                                 
XP, which is based in São Paulo, is one of Brazil’s largest investment firms with more than 3.5 million customers – Photo: Shutterstock
                                

Brazilian financial services giant XP has forayed into the crypto trading market after it announced the launch of its dedicated crypto platform, XTAGE.

The Sao Paulo-based brokerage firm is one of Brazil’s largest investment firms with more than 3.5 million customers. It will now allow its customers to buy, sell and trade Bitcoin and Ethereum via a partnership with Nasdaq, according to an official announcement.

“From now on, the platform is available to all customers with a digital account on the XP app, for trading two cryptocurrencies – Bitcoin and Ethereum,” said the statement.

Crypto popularity in South America

The firm initially announced its plan to launch the trading platform in May 2022, with XP’s Lucas Rabechini stating that the move would represent a “major milestone in advancing the digital assets market” as well as accelerating the firm’s ability to offer its investors increased access to the emerging crypto ecosystem.

Rabechini said at the time: “At XP, we are driven by our mission to democratise access to investments, providing investors with an expanded and diversified portfolio of financial products that are at the forefront of global innovation.

“Through the technology partnership with Nasdaq, we are confident that XP will operate on an innovative and robust capital market infrastructure.” 

Mainstream adoption of cryptocurrencies and digital assets has grown rapidly in the South American region. Last month, Santander Brasil announced it would launch a crypto trading service for its institutional and retail customers, while Meta applied to trademark its own crypto-related services in Brazil.

Popular digital bank NuBank also trialled the launch of its cryptocurrency trading platform Nucripto at the end of June. It reported more than one million users on its platform just one month after its initial launch.

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