Brazil’s Brokerage Giant XP to Launch Crypto Trading Platform

UTC by Daria Rud · 3 min read
Brazil’s Brokerage Giant XP to Launch Crypto Trading Platform
Photo: Unsplash

XTAGE will go live at the end of June. Initially, XP will launch crypto trading services only for Bitcoin. Customers will have a wallet that is capable of holding their BTC, however, the ability to transfer funds to a different wallet will not be included at launch.

XP, the largest broker in Brazil, is planning to add a crypto trading feature, launching a platform for trading digital assets. Named XTAGE, the platform has been developed in collaboration with Nasdaq that will be integrated into the XP app as well as BitGo, the leader in institutional digital asset custody, trading, and finance. The latter will serve as XP’s custodial partner, keeping most of the assets in cold wallets to ensure security.

XTAGE will go live at the end of June. Initially, XP will launch crypto trading services only for Bitcoin (BTC). Customers will have a wallet that is capable of holding their BTC, however, the ability to transfer funds to a different wallet will not be included at launch. Later, XP plans to offer the transfer functionality as well as expand its offering and include additional types of assets.

XP’s director of financial products Lucas Rabechini said:

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

According to the press release, XP’s 3.5 million current customers will get access to the trading platform directly in the existing app that they already use. As per Lucas Rabechini, the fees will be low and he would assure that the users would “have super competitive rates.”

Earlier, XP conducted an internal survey that showed that over 60% of its customers are interested in buying Bitcoin and other cryptocurrencies. Besides, 80% of those customers investing in these assets outside XP would like to use XTAGE in the future.

About XP

XP is Brazil’s leading trusted provider of low-fee financial products and services. The platform offers financial advisory services as well as investment products such as equity and fixed income securities, mutual and hedge funds, structured products, life insurance, pension plans, real-estate investment funds (REITs), etc. XP serves customers in Brazil and has offices in Sao Paulo, Rio de Janeiro, New York, Miami, London and Geneva.

XP’s solid ownership structure also includes the world’s largest and most experienced private equity fund, General Atlantic, which focuses on growth equity and manages about $20 billion in long-term capital.

XP is listed on the Nasdaq and has a market cap of $10.8 billion. In Q1 2022, XP reached a total gross revenue of R$3.3 billion, 17% up from Q1 2021. Its institutional gross revenue totaled R$548 million, retail revenue grew by 16% from R$2.1 billion in Q1 2021 to R$2.4 billion in Q1 2022.

Blockchain News, Cryptocurrency news, Market News, News
Daria Rud
Author Daria Rud

Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.

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