Lucas Rabechini, Director of XP Inc.’s Financial Products, says, “In the medium and long term, the potential is enormous, taking into account that today we have more than 3.6 million customers on the XP platform.”
Brazilian investment management firm XP Inc. became a part of the crypto community following the launch of its crypto trading platform.
Hailed as the largest brokerage company in Brazil, XP Inc. aims to expose its 3.6M user base to crypto through XTAGE. The firm hopes to reach 200K active users by the end of the year.
An internal survey in May revealed that 60% of the firm’s clients were interested in trading crypto, with 80% of the user base favoring XP Inc. designing a trading platform.
XTAGE. Xp Inc.’s new platform was built in a partnership between New York-based stock exchange Nasdaq and digital asset custodian BitGo, with the latter in charge of storing XTAGE's crypto assets in cold wallets.
“Leveraging @NasdaqExchange’s technology, XTAGE represents a key milestone in democratizing access to the digital assets market in Brazil.” tweets Nasdaq.
This makes XP Inc. the fourth Brazilian fintech company to offer crypto trading services after Nubank, Mercado Libre, and PicPay began extending their services to the crypto sector.
First announced in May, XTAGE currently supports Bitcoin and Ethereum trading, with XP Inc stating the fintech firm has plans to add ten crypto assets and even more crypto-based investment products down the line. Moreover, XTAGE also supports MetaTrader 5, a forex, stock, and futures trading application.
