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Brazil brokerage giant with 3.6M clients launches BTC and ETH trading

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Brazilian brokerage large XP Inc has formally launched its crypto buying and selling platform ‘XTAGE’ in Brazil, bringing a possible 3.6 million customers to the crypto markets. 

The information was broke in an Aug. 15 put up by the Nasdaq Alternate Twitter account, noting that XP had rung the alternate’s “Opening Bell” to rejoice the launch of the XTAGE digital property buying and selling platform.

Initially, XP Inc’s 3.6 million purchasers may have entry to Bitcoin (BTC) and Ethereum (ETH) buying and selling, however the dealer informed Cointelegraph again in Could there were plans to “assist different digital property and funding merchandise primarily based on crypto property sooner or later.”

Developed in partnership with main American inventory alternate Nasdaq and crypto custody agency BitGo, XTAGE is totally built-in into the XP ecosystem, permitting customers to make crypto trades on its current app. 

Nevertheless, XP Director of Monetary Merchandise, Lucas Rabechini informed Reuters in a July interview solely purchasers with an “ample funding profile for such operations” will likely be allowed into the XTAGE platform.

Constructed on Nasdaq’s buying and selling expertise, XTAGE additionally has integration with MetaTrade 5, a foreign exchange and inventory buying and selling device.

Crypto custody agency BitGo is ready to behave as custodian, storing most of XTAGE’s property in chilly wallets not related to the web.

Brazil opponents

XP Inc is simply the newest Brazilian fintech participant to supply crypto buying and selling companies, following within the footsteps of Nubank and MercadoLibre.

Associated: Brazilian payment app PicPay launches crypto exchange with Paxos

Nubank, the biggest digital financial institution in Brazil and Latin America, announced a partnership with Paxos in Could of this 12 months.

Following the announcement, prospects had been capable of begin shopping for, promoting, and storing cryptocurrencies instantly by Nubank.

Whereas MercadoPago, the fintech arm of MercadoLibre, introduced their Brazilian customers could buy, promote and maintain BTC, ETH, and U.S. dollar-backed stablecoin Pax Greenback (USDP) in December of 2021.