Brazil’s largest brokerage to allow clients to trade crypto starting in August
Brazil’s largest brokerage, XP, has announced that it will open its Xtage crypto trading platform to some clients in August. Initially, only Bitcoin and Ethereum will be available, although a total of ten digital assets will be available by the start of 2023.
XP, Brazil’s largest brokerage, will begin offering crypto services to its clients starting in August 2022, according to a Reuters report. The company is set to provide access to the crypto trading platform, with bitcoin and ether as the assets initially available. More assets are expected to be added by the end of the year.
XP’s director of financial products, Lucas Rabechini, told Reuters in an interview that the Xtage platform would be available to clients with a “sufficient investment profile for such operations.” Currently, the platform is only open to employees.
Rabechini also told Reuters that the company plans to add ten cryptocurrencies by the beginning of next year. He was optimistic about the growth of crypto and the technology itself, saying:
“You can say ‘volume has been weak, there will be few orders’, but we see this market systematically growing over time, and our long-term view is not only focused on price, but also technology.”
XP has 3.6 million customers, and the Xtage platform was first announced in May. Brazil is known to have a growing interest in crypto, and many others also offer similar services. Nubank is the most famous of these, and it has partnered with Paxos to allow clients to buy bitcoin and ether.
Cryptocurrencies are popular in Latin America, and Brazil is no exception. The news coming out of the region has been increasing, with both positive and negative developments.
In addition to more banks disclosing crypto-related efforts, the government has also played a role in shaping how crypto works in the country. The Brazilian Senate recently passed a bill introducing crypto regulations.
The bill, which is yet to be voted on by the Chamber of Deputies, would see regulatory agencies given the capacity to supervise crypto service providers. It is likely that the central bank will oversee the crypto sector.
The highlight of the bill is the anti-money laundering requirements, which have become important to many governments. The regulation could spur a new influx of investment and certainly reassure banks and businesses thinking about working with crypto.
Disclaimer
All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information contained on our website is strictly at their own risk.
