Digital Assets: Crypto Adoption Makes Progress In Brazil – XP Inc Unveils Crypto Trading

August 16, 2022 | Digital Assets, News
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XP is a Brazilian brokerage giant with 3.6 million customers.

After Nubank and Mercadolibre, XP Inc., the Brazilian brokerage with over 3.6 million customers, has launched a crypto trading platform dubbed XTAGE. Initially, trading will be offered only in bitcoin and ether. XTAGE has been integrated into XP’s trading systems and app. The platform utilized technology from Nasdaq, the US stock exchange, and crypto custody firm BitGo. (Coin Telegraph)

To celebrate the launch of the XTAGE platform, XP rang the opening bell of the Nasdaq exchange on Monday morning, as revealed by Nasdaq in a tweet.

“Leveraging @NasdaqExchange’s technology, XTAGE represents a key milestone in democratizing access to the digital assets market in Brazil,” Nasdaq tweeted.

The platform can scale to support one million users for bitcoin trading.

Crypto custody firm BitGo will custody platform assets in cold wallets that are not connected to the internet.

“In the medium and long term, the potential is enormous, taking into account that today we have more than 3.6 million customers on the XP platform,” said Lucas Rabechini, director of financial products at XP.

XP aims to offer exposure to 10 digital currencies by the end of the year, added Rabechini.

However, rivals Nubank and MercadoLibre have each already surpassed one million crypto users, according to reports.

Related Story: VanEck And Investo Launch Crypto ETF In Brazil

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