Thursday, December 8, 2022

Brazil’s XP Financial Broker Will Launch A Crypto Trading Platform

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Brazil’s XP financial broker will launch a crypto trading platform after teaming up with NASDAQ to create the XTAGE digital asset exchange so let’s read more about it in today’s cryptocurrency news.

Brazil’s XP Financial broker and the investment management company joined forces with NASDAQ to launch a crypto trading platform dubbed XTAGE that will go live by the end of June and will enable investors to buy and sell BTC and Ether. The latest organization to join the crypto industry is the largest broker in Brazil dubbed XP inc. The company partnered with NASDAQ to launch a digital asset platform dubbed XTAGE which will be fully integrated into XP’s ecosystem and will also be operational by the end of next month.

The platform will allow users to trade the two leading cryptocurrencies by market cap BTC and ETH and the CFO Bruno Constantino clarified that the XP customers will also gain access to the company’s application. It will also be extended to external investors. The executive argued that where the market 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.”

XP broker

Commenting on the partnership was Lucas Rabechini who is the Director of Financial products. He asserted that XP doesn’t care about the current condition of the crypto market and in his view, the niche has the potential to grow so as such, the brokers is focused on the next ten years. Roland Chai as the Executive Vice President of NASDAQ said the collaboration with XP could grand more access to crypto services and will create opportunities for the investors of Brazil:

“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.”

Brazil’s biggest digital bank Nubank also collaborated with Paxos Trust to launch crypto services. The CEO David Velez described the industry’s growing trend in Latin America and believes it will have a transformational impact on the region. The bank based in Sao Paolo is among the leading fintech institutions and has engineering offices in Mexico City, Buenos Aires, and Berlin. Nubank serves over 50 million clients with a valuation of $55 billion.

 

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