Brazilian investment management company – XP Inc. – has reportedly partnered with Nasdaq to create a trading platform for cryptocurrencies to start. Under the name XTAGE it should go live at the end of June. First, it will allow investors Bitcoin and Ethereum to buy and sell.
XP is thinking about the next five, ten years
The latest organization to open up to the crypto industry is the country’s largest broker – XP Inc. The company has reportedly partnered with Nasdaq to launch a digital asset trading platform called XTAGE. It will be fully integrated into the XP ecosystem and should be up and running by the end of next month.
First, the platform will allow users to track the two leading cryptocurrencies market capitalization to trade – Bitcoin and Ethereum. CFO Bruno Constantino clarified that XP customers can access it directly from the company’s application. It will later be expanded to include external investors.
Referring to the recent declines, the executive argued that “where the market is [in terms of pricing] is irrelevant for the IPO:”
“The timing of the launch is tied to the development of a platform with security, scalability and speed for the customer.”
The partnership was also commented on by Lucas Rabechini – Director of Financial Products. He claimed that XP doesn’t care about the current state of the cryptocurrency market. In his view, the niche has the potential to grow and as such the broker is focused on the next fifteen years.
For his part, Roland Chai – Executive Vice President of Nasdaq – suggested that the cooperation with XP could provide additional access to crypto services and create new opportunities for Brazilian investors:
“Nasdaq’s robust and flexible infrastructure technology, designed to meet market demands and current and future regulatory frameworks, will enable XP to reliably scale its platform and introduce new asset classes as it grows and evolves.”
Nubank has also said yes to Crypto
Earlier this week, Brazil’s largest digital bank – Nubank – partnered with Paxos Trust to launch crypto services. CEO David Vélez described the industry as a “growing trend in Latin America” and believed it will have “transformative effects on the region”.
The bank, headquartered in Sao Paulo, is one of the leading fintech institutions in South America. It has engineering offices in Buenos Aires, Mexico City and even in the German capital of Berlin. Nubank serves over 50 million customers while their valuation exceeds $55 billion.
Source: Crypto News Deutsch