XP, the largest brokerage firm in Brazil, has decided to offer cryptocurrency trading services. The company will allow clients to trade crypto on its Xtage platform beginning in August.
Meanwhile, the company stated that it would only allow trading of BTC and ETH in August. However, the brokerage will add other digital assets by 2023.
XP Brokerage Firm To Introduce Crypto Trading Services
Brazil-based brokerage company, XP, will introduce crypto trading services for its clients in August. According to Reuters, the cryptocurrency trading platform will only have BTC and ETH by August.
However, the company will add more assets by 2023. Lucas Rabechini, the company’s Director of Financial Products, discussed the latest development.
Rabechini said only clients with a good investment profile would be allowed to trade crypto. Presently, only employees of the company have access to the platform.
Additionally, the director confirmed that the firm will add ten more cryptos by January 2023. Rabechini was very optimistic about crypto and the industry in general. He said that:
“Although it appears the trading volume is weak, we are optimistic that this market will grow over time. Also we are not only focused on price growth but also technological advancement.”
The brokerage company has over 3.6 million users on its platform. Moreover, Brazil has a great interest in cryptocurrency, which is rising daily.
The Growth Of Digital Currencies In Brazil
Apart from XP, Nubank is also offering crypto services. Lately, Nubank has collaborated with Paxos exchange, so its clients can buy BTC and ETH.
Over the last months, digital currencies have become quite popular in Latam (Latin America). Brazil has also received its fair share of crypto exchanges established in the state.
Also, several banking institutions are beginning to show support for cryptocurrencies. Meanwhile, the state authority has played a huge role in fostering crypto adoption in the country.
Recently, the country’s Senate introduced a bill to regulate the crypto sector. This bill will give regulatory agencies the power to supervise crypto firms.
Reports say that the country’s central bank will regulate the crypto sector. However, the nation’s Chamber of Deputies has not voted on the bill.
Another aspect of the bull is the AML requirements it laid out. This is important due to the increased level of crypto fraud and theft.
This regulation could attract more investors to the crypto space. It would also reassure businesses and financial institutions that wish to offer crypto products and services.
