The large Brazilian investment firm XP Inc. with the help of the American stock exchange Nasdaq, the crypto trading platform XTAGE has now been launched, through which more than 3.6 million Brazilians can potentially gain access to the crypto market.
The corresponding news was announced yesterday Monday on the official Twitter account of the Nasdaq Exchange, because representatives of XP visited the exchange for the occasion and were allowed to ring the venerable “Opening Bell”, which in this case marks not only the opening of trading on Wall Street, but also the start of the XTAGE.
.@xpinvestimentos joins us for the Opening Bell to celebrate the XTAGE digital assets trading platform.
Leveraging @NasdaqExchange’s technology, XTAGE represents a key milestone in democratizing access to the digital assets market in Brazil. pic.twitter.com/DS3RXtWVpb
– Nasdaq Exchange (@NasdaqExchange) August 15, 2022
Initially, XP’s 3.6 million customers will only have access to Bitcoin (BTC) and Ethereum (ETH), but as the company announced to Cointelegraph in May, there are already plans to “offer other cryptocurrencies and crypto investment products in the future”.
The crypto trading platform XTAGE was launched in cooperation with Nasdaq and crypto custodian BitGo, with the platform being fully integrated into the existing XP ecosystem. Their users can therefore easily trade cryptocurrencies via the provider’s existing app.
However, as Lucas Rabechini, the director of financial products at XP, told Reuters in July, for the time being, only users with an “adequate investment profile for such transactions” will benefit from crypto trading over the XTAGE.
The new platform of XP Inc. however, it is far from the only way to trade cryptocurrencies in Brazil. In addition to established crypto service providers such as MercadoLibre, more and more banks and financial institutions such as Nubank are now pushing into the Latin American market.