The Brazilian investment management company – XP Inc. – reportedly joined forces with Nasdaq to launch a cryptocurrency trading platform. It is called XTAGE and should be live by June end. Initially, investors will be able to trade ether and bitcoin.
XP Reflects on the Next Five, Ten Years
The latest organization to open up to the crypto industry is the largest broker in the country – XP Inc. According to reports, XP Inc. partnered with Nasdaq for the launch of XTAGE, a digital asset trading platform. It will be fully integrated into XP’s ecosystem and should be operational by the end of next month.
At first, the platform will allow users to trade the two leading cryptocurrencies by market capitalization – bitcoin and ether. CFO Bruno Constantino clarified that XP customers will have access directly from the firm’s application. Later, external investors will also be able to access it.
Talking about the recent declines, the executive argued that “where the market is [in terms of pricing] is irrelevant to the launch of the exchange:”
“The timing of the launch is linked to the development of a platform with security, scalability, and speed for the client.”
Commenting on the partnership was also Lucas Rabechini – Director of Financial Products. He said that XP is not concerned about the current state of the cryptocurrency market. According to him, the niche has potential for growth and the broker is focusing on the next five years.
For his part, Roland Chai – Executive Vice President of Nasdaq – opined that the collaboration with XP could grant additional access to crypto services and create new opportunities for Brazilian investors:
“Nasdaq’s robust and flexible infrastructure technology, designed to meet market demands as well as current and future regulatory frameworks, will allow XP to reliably scale its platform and introduce new asset classes as it grows and evolves.”
Nubank Said ‘Yes’ to Crypto, Too
Earlier this week, Brazil’s largest digital bank – Nubank – collaborated with Paxos Trust to launch crypto services. CEO David Vélez described the industry as a “growing trend in Latin America,” believing it will have a “transformational impact on the region.”
It is based in Sao Paulo and is one of the most prominent fintech institutions in South America. It has engineering offices in Buenos Aires, Mexico City, and even Germany’s capital – Berlin. Nubank has more than 50 million customers and is valued at $55 billion.