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XP knowledgeable Cointelegraph that XTAGE will launch in Q2 2022 and will probably be totally built-in into the XP Inc ecosystem — the biggest funding brokerage in Brazil with greater than 3.5 million shoppers and $168 billion belongings below custody.
XP acknowledged that the trade will initially provide the acquisition and sale of cryptocurrencies, however the intention is that the platform will even assist different digital belongings and funding merchandise based mostly on crypto belongings.
“The creation of XTAGE represents an essential milestone in advancing the digital asset market and our potential to supply buyers higher entry to the digital asset ecosystem. By way of the expertise partnership with Nasdaq, we’re assured that XP will function on an progressive and strong infrastructure,” mentioned Lucas Rabechini, director of economic merchandise at XP.
Roland Chai, government vp and head of market expertise infrastructure at Nasdaq, highlighted that Nasdaq’s partnership with XP will open new alternatives for corporations and buyers.
This isn’t the primary time that NASDAQ has partnered with a Brazilian firm within the cryptocurrency market. In 2019, the American firm partnered with Hashdex to launch the world’s first Bitcoin Spot ETF.
Within the case of XP, that is additionally not the primary time that the corporate has sought to launch an organization targeted on the cryptocurrency market. Cointelegraph wrote in 2018 that the corporate had launched a platform for buying and selling cryptocurrencies referred to as XDEX, nevertheless, this ended up being closed in March 2020, simply earlier than Bitcoin’s most up-to-date bull run.
Scorching cryptocurrency market in Brazil
Nubank, the biggest digital financial institution in Brazil and Latin America, not too long ago introduced that it has partnered with Paxos to permit the financial institution’s clients to purchase, promote and retailer cryptocurrencies instantly by means of Nubank.
Together with the launch of the brand new cryptocurrency transaction companies, Nubank mentioned that it’ll allocate roughly 1% of its internet belongings to Bitcoin (BTC) by means of the cashier of Nu Holdings — an organization that controls the Nubank Group.
One other Brazilian financial institution that will even provide Bitcoin funding companies to its clients is BTG Practual. The financial institution’s president, Roberto Sallouti, not too long ago introduced that the financial institution will launch its personal crypto trade in roughly two months, stating:
“We can have our cryptocurrency buying and selling platform in as much as two months [..] BTG’s proposal is to have an entire funding platform for our shoppers.”
XP Inc introduced on Thursday that it intends to launch a cryptocurrency trade referred to as XTAGE in Brazil in partnership with Nasdaq.
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