Brazilian Brokerage Firm XP Reveals The Launch Date Of Its Crypto Exchange
- XP Inc., a Brazilian brokerage company, has confirmed the launch of its crypto platform called XTAGE and released a tentative launch date as well
- The firm will be debuting the platform by mid-August 2022 as per a report and will initially support leading cryptocurrencies Bitcoin (BTC) and Ether (ETH)
One of the largest brokerage companies in Brazil, XP Inc., has announced the tentative launch date of its cryptocurrency platform XTAGE.
According to the company’s plans, the platform will initially support Bitcoin (BTC) and Ethereum (ETH), the two most valuable cryptocurrencies by market capitalization, by mid-August 2022. However, it has massive plans ahead, including the addition of more digital assets later this year.
Notably, in May 2022, XP Inc. partnered with Nasdaq to develop a digital asset trading platform called XTAGE. The two entities worked together to fully integrate XTAGE into the XP’s ecosystem and go live in June.
During a recent interview with Reuters, the Director of Financial Products at the company, Lucas Rabechini, said that the XTAGE launch will be delayed until mid-August. He reiterated that the trading platform would support bitcoin and ether, as originally intended, and ten additional assets should follow suit in the coming months.
Interestingly, Rabechini said that XP is not concerned about the ongoing market crash. He argued that the cryptocurrency values are not the only key feature of the industry and added:
“You can say ‘the volume has been weak, there will be few orders,’ but we see this market systematically growing over time, and our long-term view is not just focused on price, but also technology.”
Moreover, Rabechini assured that the crypto services by the company would comply with the regional regulations, implying maximum protection for its 3.6 million users.
During the partnership announcement with Nasdaq in May to develop XTAGE, CFO Bruno Constantino revealed that the platform would be exclusive to XP customers initially via the company’s applications, but it will soon be extended to external investors. Commenting on the launch date, he said:
“The timing of the launch is linked to the development of a platform with security, scalability, and speed for the client.”
Brazil’s massive crypto adoption
Brazil is experiencing a massive crypto adoption as the innovation in blockchain technology keeps on soaring. In May, the biggest digital bank in the region, Nubank, partnered with Paxos to launch a simple and seamless crypto trading platform. Notably, it has reached 1 million users in just one month, the company announced on Tuesday.
In addition, one of the largest Brazilian banks, BTG Patcual, also allowed its customers to trade digital assets through a platform called Mynt.The digital payments firm PicPay from Brazil opened an exchange for cryptocurrencies two weeks ago. The Paxos USDP stablecoin, which is tied 1:1 to the US dollar, will be supported in addition to bitcoin and ether on the platform. The trading platform aims to support up to 100 coins by the end of this year.