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Nasdaq companions with XP to launch cryptocurrency alternate in Brazil

XP knowledgeable Cointelegraph that XTAGE will launch in Q2 2022 and will likely be totally built-in into the XP Inc ecosystem — the biggest funding brokerage in Brazil with greater than 3.5 million shoppers and $168 billion property beneath custody.

XP said that the alternate will initially supply the acquisition and sale of cryptocurrencies, however the intention is that the platform will even assist different digital property and funding merchandise primarily based on crypto property.

“The creation of XTAGE represents an essential milestone in advancing the digital asset market and our potential to supply traders higher entry to the digital asset ecosystem. By means of the know-how partnership with Nasdaq, we’re assured that XP will function on an progressive and sturdy infrastructure,” mentioned Lucas Rabechini, director of monetary merchandise at XP.

Roland Chai, govt vp and head of market know-how infrastructure at Nasdaq, highlighted that Nasdaq’s partnership with XP will open new alternatives for firms and traders.

This isn’t the primary time that NASDAQ has partnered with a Brazilian firm within the cryptocurrency market. In 2019, the American firm partnered with Hashdex to launch the world’s first Bitcoin Spot ETF.

Within the case of XP, that is additionally not the primary time that the corporate has sought to launch an organization targeted on the cryptocurrency market. Cointelegraph wrote in 2018 that the corporate had launched a platform for buying and selling cryptocurrencies known as XDEX, nonetheless, this ended up being closed in March 2020, simply earlier than Bitcoin’s most up-to-date bull run.

Scorching cryptocurrency market in Brazil

Nubank, the biggest digital financial institution in Brazil and Latin America, just lately introduced that it has partnered with Paxos to permit the financial institution’s clients to purchase, promote and retailer cryptocurrencies immediately by Nubank.

Together with the launch of the brand new cryptocurrency transaction companies, Nubank mentioned that it’ll allocate roughly 1% of its internet property to Bitcoin (BTC) by the cashier of Nu Holdings — an organization that controls the Nubank Group.

One other Brazilian financial institution that will even supply Bitcoin funding companies to its clients is BTG Practual. The financial institution’s president, Roberto Sallouti, just lately introduced that the financial institution will launch its personal crypto alternate in roughly two months, stating:

“We may have our cryptocurrency buying and selling platform in as much as two months [..] BTG’s proposal is to have an entire funding platform for our shoppers.”

XP Inc introduced on Thursday that it intends to launch a cryptocurrency alternate known as XTAGE in Brazil in partnership with Nasdaq.

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