Nasdaq and XP collaborate to develop a CeX in Brazil

XP is Brazil’s largest broker by market capitalization, and they plan to offer cryptocurrency trading by the end of June, in collaboration with Nasdaq and BitGo.

Nasdaq and XP collaborate to develop a CeX in Brazil

According to XP, the exchange will first facilitate the buying and selling of digital currencies, but the platform will eventually accept additional digital assets and financial products based on cryptocurrencies.

In the medium to long term, XP intends to broaden its offering to cover new asset classes as market dynamics and investor interest develop. The new tool will be offered to XP’s 3.5 million Brazilian clients via its established trade app.

“The creation of XTAGE represents an important milestone in advancing the digital asset market and our ability to offer investors greater access to the digital asset ecosystem. Through the technology partnership with Nasdaq, we are confident that XP will operate on an innovative and robust infrastructure.”

-Lucas Rabechini, XP Director of Financial Products

Crypto holdings will be linked with other assets on the app, allowing clients to engage with the interface they are currently familiar with. This feature will introduce bitcoin to XP’s 3.5 million clients.

According to an internal XP poll, more than 60% of its clients are interested in purchasing bitcoin and other cryptocurrencies, and of those who are already trading in these currencies from outside XP, 80% would prefer to utilize a trading platform built by XP.

When asked about the expenses involved with utilizing the platform, Lucas Rabechini allegedly stated that he can ensure his subscribers that they’ll have extremely competitive prices.

Customers that use XTAGE will have a wallet that can keep their bitcoin, but the option to move coins to another wallet will not be available at launch. The transfer feature will apparently be available in XP at a subsequent time.

It’s not the first time NASDAQ has collaborated with a Brazilian bitcoin startup. The American firm collaborated with Hashdex in 2019 to establish the world’s debut Bitcoin Spot ETF.

Nubank, Brazil’s and Latin America’s largest online bank, has announced a partnership with Paxos to allow Nubank users to buy, trade, and store virtual currencies straight via Nubank.

BTG Practual is another Brazilian bank that will provide Bitcoin investing services to its customers.Roberto Sallouti, the bank’s president, has said that the institution will start its own cryptocurrency exchange in about two months, indicating that they’ll have their own crypto exchange platform up in two months. BTG’s objective is to provide clients with a full investing platform.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Jai Hamid

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