XP Inc, a well-known brokerage firm in Brazil, Bitcoin has formally launched its cryptocurrency trading platform, dubbed ‘XTAGE,’ in the country. Following this introduction, the system will likely serve 3.6 million customers.
XP Inc Provides ETH and BTC Trading Through ‘XTAGE’
The announcement was made on the Nasdaq Exchange’s Twitter account on August 15th. It was stated that XP will use Nasdaq Market technology, and that the introduction of XTAGE marks a watershed moment in broadening ordinary people’s access to digital assets in Brazil. To begin, 3.6M XP Inc customers will be able to trade Ethereum and Bitcoin. However, the broker plans to integrate more assets, as well as non-investment commodities backed by digital currencies, in this service.
XTAGE was founded in partnership with BitGo (a cryptocurrency custody firm) and Nasdaq (a well-known stock exchange based in the United States). It is fully integrated into the XP environment, allowing customers to conduct cryptocurrency exchange using the network’s application. Nonetheless, Lucas Rabechini (XP’s Director of Financial Products) indicated that only consumers with appropriate investment profiles for such activities will be permitted to participate in the XTAGE Project.
XTAGE, a Nasdaq-listed company, aims to have 200,000 active customers.
XTAGE, which is built on Nasdaq trading system, is also linked with MetaTrade 5. (known as a stock and forex trading instrument). BitGo is willing to act as a custodian, storing the majority of XTAGE’s assets in cold wallets that are not connected to the internet. XP Inc is the sole fintech provider operating in Brazil to provide cryptocurrency exchange services, following MercadoLibre and Nubank.
Nubank, the largest digital bank in Latin America and Brazil, announced a relationship with Paxos in May 2022. Following the announcement, customers could store, sell, and buy cryptocurrency directly through Nubank. In December of last year, MercadoLibre’s fintech division “MercadoPago” announced that their Brazilian customers may keep, sell, and buy ETH, BTC, and Pax Dollar (a stablecoin backed by the USD).
At the moment, XP’s lengthy prospective is outstanding, according to Lucas. The XTAGE project’s goal is to have over 200,000 active clients by the end of this year. In contrast, the arena can currently accommodate about 500,000 visitors.