The largest brokerage in Brazil, XP Inc, will collaborate with NASDAQ to launch a digital assets trading platform. The company informed that XTAGE, the dedicated platform, will offer cryptocurrency trading initially during its launch.
XP Inc announced on May 12 its intention to go ahead with a cryptocurrency exchange called XTAGE, partnering with NASDAQ. XTAGE is built on NASDAQ’s trading technology and will in the future be integrated with XP’s application, the company reported.
The launch of the new feature will allow over 3.5M users to trade in Bitcoin (BTC) and Ethereum (ETH). There will be no crypto deposits and withdrawals during the initial phase.
And in the medium phase, the company revealed that it wants to branch out with its offerings and include other assets in line with market trends as the appetite of investors continues evolving.
Lucas Rabechini, the director of financial products at XP, said that XTAGE’s creation marks a significant milestone in evolving the marketing of digital assets. It also marks a growth of confidence in the company’s aptitude to offer its clients increased admission to the emergent ecosystem.
NASDAQ Anticipates More Opportunities For Both Investors And Companies
The executive VP at NASDAQ and the person leading its market technology set-up, Roland Chai, highlighted that the partnership between NASDAQ and XP will lead to fresh opportunities for both investors and companies.
NASDAQ had tied up with another Brazilian entity before in the crypto world. Back in 2019, it teamed up with Hashdex for the launch of the first spot Bitcoin ETF.
In XP’s case, this isn’t a first for the company as it has ventured into the cryptocurrency market before. In 2018, the company sprung a platform, XDEX, for trading in cryptocurrency. But just before Bitcoin’s bull run in 2020, this closed down.
Brazil’s leading digital bank, Nubank, has teamed up with Paxos, a regulated blockchain infrastructure platform, to allow their customers to trade in cryptocurrencies directly through the bank.
BTG Pactual, another large Brazilian investment bank, will also offer investment services for trading in Bitcoin to customers. It is slated to launch its crypto exchange within two more months.