World Largest Brokerage Brazil XP Group Launch a New Crypto Trading Platform
The world's largest Brazilian brokerage, XP, has launched a trading platform for trading cryptocurrencies, Xtage. XP executives announced that their bitcoin and ether trading platform is now live for users of their mobile apps on the Nasdaq exchange in New York.
Xtage CEO Marcos Horie announced during the opening bell event that XP customers would be able to trade crypto with the same app they already use.
XP has received many requests from clients that want to invest in crypto within the company's existing ecosystem, Horie said. Furthermore, he noted that most of his clients would prefer to work with a company they had prior investments with.
XP also plans to offer exposure to 10 digital currencies by the end of the year, said Lucas Rabechini, director of financial products at XP. The company is expected to reach 200,000 crypto users, Rabechini said, making it the latest major Brazilian fintech company to offer crypto trading services.
The company's crypto platform, Xtage, is built on the Nasdaq stock exchange's trading technology and is integrated with MetaTrader 5, an exchange-traded fund and stock trading software.
As Nubank, BTG Pactual, and Itau Unibanco have all recently announced plans to provide their clients with crypto-related services, XP is set to face competition from large financial players in Brazil.
Bitcoin has lost roughly 50% of its value so far this year as crypto giants such as Celsius and Voyager collapsed, but Rabechini says XP's long-term focus on crypto remains unchanged.
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