On Monday, one of Brazil’s largest brokerage firms, XP, launched its XTAGE crypto trading arm through a new partnership with Nasdaq.
Launch of XTAGE opens up new investment avenues for over 3.5 million clients, allowing them to buy, sell, hold and trade Bitcoin and Ethereumaccording to the official announcement of Nasdaq.
XP employees piloted the crypto platform in May before integrating the service into the brokerage.
In the May announcement, XP Executive Vice President Roland Chai said this “Nasdaq’s robust and flexible infrastructure technology, designed to meet market demands, as well as current and future regulatory structures, will allow XP to reliably scale its platform and introduce new asset classes. assets as they grow and evolve.
Brazil and Crypto
Brazil is on the move, fueling growing interest in crypto for its 213 million citizens.
Santander Bank’s Brazilian subsidiary, Banco Santander SA, recently spear a crypto trading platform for its Brazilian clients in July.
Company CEO Mario Leão said “it’s just a vision that our client has a demand for this type of asset”, to give clients what they want in the most educational and the most correct.
In October 2021, Brazilian lawmakers sought making crypto a legal “payment currency,” with negotiations still ongoing in the Brazilian parliament.