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Brazil’s largest brokerage firm by market value has launched crypto trading services
Serving 3.6 million customers, XP expects to reach 200,000 active crypto users by the end of the year with its new platform named XTAGE, the company said on Monday.
XTAGE currently offers the possibility to trade Bitcoin and Ethereum but the team will expand the listing to 10 digital assets by the end of 2022, XP financial products director Lucas Rabechini said.
XP venture into cryptocurrencies follows other large local financial players such as Nubank and MercadoLibre, who have already established a loyal crypto clientele surpassing one million users.
The company said its platform is built on the trading technology of major American stock exchange Nasdaq and will is integrated with forex and stock trading tool MetaTrade 5. Crypto custody firm BitGo is the firm’s partner in storing XTAGE’s assets, which for most part will be held in cold wallets.