XP Inc, a Brazilian brokerage firm, has finally launched its crypto trading platform 'XTAGE' in Brazil, bringing a prospective 3.6 million users to the crypto markets.

The Nasdaq Exchange Twitter account announced the news on Aug. 15, noting that XP had rung the exchange's "Opening Bell" to commemorate the XTAGE digital assets trading platform launch.

Initially, XP Inc's 3.6 million clients will be able to trade Bitcoin (BTC) and Ethereum (ETH). Still, the broker previously told Cointelegraph that there were plans to "support other digital assets and investment products based on crypto assets in the future."

Developed in collaboration with Nasdaq, a prominent American stock exchange, and BitGo, a crypto custody firm, XTAGE is wholly integrated into the XP ecosystem, enabling users to make crypto trades on its existing app.

However, in a July interview with Reuters, XP Director of Financial Products Lucas Rabechini stated that only clients with an "adequate investment profile for such operations" will be allowed to use the XTAGE platform.

XTAGE, which is based on Nasdaq trading technology, also integrates with MetaTrade 5, a forex and stock trading platform.

BitGo, a crypto custody firm, will act as custodian, storing most of XTAGE's assets in cold wallets that are not connected to the internet.

Brazil competitors

Following in the footsteps of Nubank and MercadoLibre, XP Inc is the latest Brazilian fintech player to offer crypto trading services.

In May of this year, Nubank, the largest digital bank in Brazil and Latin America, formed a partnership with Paxos.

Customers were able to begin buying, selling, and storing cryptocurrencies directly through Nubank following the announcement.

While MercadoPago, the fintech arm of MercadoLibre, launched in December 2021 that Brazilian customers will be able to buy, sell, and hold BTC, ETH, and the US dollar-backed stablecoin Pax Dollar (USDP).

Posted 
Aug 16, 2022
 in 
Crypto News
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