XP Inc, a prominent brokerage company in Brazil, has formally introduced its venue for crypto trading under the title ‘XTAGE’ within the country. After this launch, the platform will provide crypto services to a likely 3.6M consumers.
XP Inc Offers ETH and BTC Trading via ‘XTAGE’
The respective news was published on 15th August on the Twitter account of the Nasdaq Exchange. It noted that XP will utilize the technology of Nasdaq Exchange and its launch of XTAGE denotes a landmark in expanding the access to digital assets by the common masses in Brazil. Firstly, 3.6M consumers of XP Inc will be permitted to access Ethereum and Bitcoin trading, Nonetheless, according to the broker, it has a strategy to include the other assets as well as not investment goods supported by crypto assets in this service.
XTAGE is established in collaboration with BitGo (a crypto custody company) as well as Nasdaq (a well-known stock exchange based in the United States). It is completely incorporated into the ecosystem of XP, permitting the customers to do crypto trading on the application of the platform. Nevertheless, Lucas Rabechini (the Director of Financial Products at XP) stated that only the consumers with appropriate investment profiles to deal with such activities will have permission to be a part of the XTAGE Project.
Nasdaq-Based XTAGE Aims to Incorporate 200,000 Active Customers
XTAGE, which is based on the trading technology of Nasdaq, is additionally integrated with MetaTrade 5 (known as a stock and forex trading instrument). BitGo is prepared to play the role of a custodian, keeping the majority of the assets of XTAGE in cold wallets that are not linked to the internet. XP Inc counts as an exclusive fintech player operating in Brazil to provide services related to crypto trading, moving after MercadoLibre and Nubank.
In May 2022, the biggest digital bank in Latin America and Brazil – Nubank – declared to have a collaboration with Paxos. After the declaration, the consumers were capable of storing, selling, and purchasing crypto straightly via Nubank. MercadoLibre’s fintech branch “MercadoPago” mentioned that their consumers in Brazil were allowed to hold, sell, and purchase ETH, BTC, and Pax Dollar (a stablecoin backed by the USD) in December previous year.
In the long term, XP’s potential is remarkable, at the moment, said Lucas. The objective of the XTAGE project is to have nearly 200,000 active clients by this year’s denouement. Whereas, the venue is presently capable of supporting almost 500,000 users.
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