Brazilian brokerage platform Rico to offer cryptocurrency services next year – Exchanges Bitcoin News

Rico, a Brazilian brokerage platform that is part of XP Inc., has announced that it plans to enter the cryptocurrency market next year. The division is expanding its operations and will also enter the banking sector, launching digital account services and a credit card. The platform follows in the steps of companies such as Nubank and others that have already included crypto in their service portfolio.

Rico is expanding its business into crypto and banking

Brazilian companies and banks are entering the cryptocurrency business as a way to offer a complete package of investments under just one organization. Rico, a Brazilian brokerage firm that is part of XP Inc., has announced that it is expanding its portfolio of operations to include new services, including crypto.

The company told Neofeed that it plans to launch a cryptocurrency exchange on its platform in the next year, and also to enter the world of insurance. In the same way, the company expects to launch a digital account with an associated card by the end of this year.

These products will be operated by Banco XP, but managed through Rico’s branding. The firm expects these products to be available to 50% of customers at launch.

Focus on accessibility for young investors

While other competitors focus on institutional investors and large investment accounts, Rico will focus on younger players in the field, whose income is around $1,000. Regarding this interest in these often overlooked investors, Pedro Canellas of Rico stated:

We want to help customers to have a healthy consumption so that they can become savers, investors and later big investors. We are going to reach a part of the population that few people look at.

The company is confident that with these additions it will triple its user base by 2025. According to Canellas, one of the features of the platform will include the ability to invest from a credit card.

This will apparently allow users to pay off part of their investments monthly, and continue investing, even at the level of income that Rico’s average customer receives (around $2,000).

Rico is just the latest platform to add cryptocurrency services in Brazil. Neobanks such as Nubank and Picpay have also included cryptocurrency trading services in their platforms this year, and even Santander and Itau Unibanco have announced that they will also offer some crypto-focused services.

However, not all banks are behind this market. Bradesco, the second largest Brazilian bank, recently clarified that it is not interested in the crypto market due to its small size.

What do you think about Rico and their plans to launch a cryptocurrency exchange next year? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price spike occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, offering a different point of view on crypto success and how it helps the unbanked and underserved.

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