Brazil’s Largest Brokerage, XP, Set to Launch Crypto Trading Feature

This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.

XP (XP), the largest Brazilian brokerage by market value, plans to launch a crypto trading platform by the end of June, the company announced Thursday.

The product, named XTAGE, is built on major American stock exchange Nasdaq’s trading technology and will be integrated with XP’s application, the company said in a statement.
XP’s new feature will allow 3,5 million users to buy and sell bitcoin (BTC) and ether (ETH), although crypto deposit and withdrawal will not be available in the initial stage. The company plans to “expand its offer to include several types of digital assets, as market trends and investor appetite evolve,” added XP.
XP has tapped crypto custody firm BitGo to store XTAGE’s assets, most of which will be held in “cold wallets,” Lucas Rabechini, financial products director, said during a press conference.
XP is listed on the Nasdaq and has a market cap of $10.8 billion. The company offers financial advisory services and more than 800 investment products, according to its profile.
On Wednesday, the largest Brazilian digital bank, Nubank, added the option for customers to buy and sell bitcoin and ether on its platform.

This article was translated by Andrés Engler and edited by CoinDesk. The original Portuguese article can be found here.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Rodrigo Tolotti

Rodrigo Tolotti is a crypto editor at InfoMoney, a leading financial news publication in Brazil. He graduated in Journalism from Faculdade Cásper Líbero.

Follow @@RodrigoTolotti on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.