The Brazilian broker called ‘XP’ is going to let its 3.5 million Brazilian customers trade in Bitcoin and Ethereum.
The new trading platform
On Monday, one of Brazil’s largest brokers called ‘XP’ launched its crypto trading platform XTAGE. It did this in collaboration with the Nasdaq. The launch of XTAGE opens up new investment opportunities for more than 3.5 million customers. Brazilian customers are now able to buy, sell, hold and trade Bitcoin and Ethereum.
XP employees tested the crypto platform in May before integrating the service with the broker.
In the May announcement, XP’s vice president, Roland Chai, said Nasdaq’s robust and flexible infrastructure technology, designed to meet market demand, will enable XP to reliably scale its platform and introduce new asset classes.
Brazil and crypto
More and more Brazilians are interested in cryptocurrencies, so XP’s move is not that surprising. In July, the Brazilian subsidiary of Santander Bank, Banco Santander SA, a crypto trading platform for its Brazilian clients. The company’s CEO, Mario Leão, said the following:
We see that our client has a demand for this type of asset. We want to give this to our customers in the most educational and correct way.
In October 2021, Brazilian lawmakers tried to make crypto a legal means of payment. However, negotiations are still ongoing in the Brazilian parliament.