Nasdaq partners with XP to launch cryptocurrency exchange in Brazil



XP knowledgeable Cointelegraph that XTAGE will launch in Q2 2022 and shall be absolutely built-in into the XP Inc ecosystem — the most important funding brokerage in Brazil with greater than 3.5 million purchasers and $168 billion belongings underneath custody.

XP acknowledged that the exchange will initially supply the acquisition and sale of cryptocurrencies, however the intention is that the platform can even assist different digital belongings and funding merchandise primarily based on crypto belongings.

“The creation of XTAGE represents an essential milestone in advancing the digital asset market and our skill to supply buyers higher entry to the digital asset ecosystem. Through the expertise partnership with Nasdaq, we’re assured that XP will function on an revolutionary and sturdy infrastructure,” said Lucas Rabechini, director of financial products at XP.

Roland Chai, executive vice president and head of market technology infrastructure at Nasdaq, highlighted that Nasdaq’s partnership with XP will open new opportunities for companies and investors.

This is not the first time that NASDAQ has partnered with a Brazilian company in the cryptocurrency market. In 2019, the American company partnered with Hashdex to launch the world’s first Bitcoin Spot ETF.

In the case of XP, this is also not the first time that the company has sought to launch a company focused on the cryptocurrency market. Cointelegraph wrote in 2018 that the company had launched a platform for trading cryptocurrencies called XDEX, however, this ended up being closed in March 2020, just before Bitcoin’s most recent bull run.

Hot cryptocurrency market in Brazil

Nubank, the largest digital bank in Brazil and Latin America, recently announced that it has partnered with Paxos to allow the bank’s customers to buy, sell and store cryptocurrencies directly through Nubank.

Along with the launch of the new cryptocurrency transaction services, Nubank said that it will allocate roughly 1% of its net assets to Bitcoin (BTC) through the cashier of Nu Holdings — a company that controls the Nubank Group.

Another Brazilian bank that will also offer Bitcoin investment services to its customers is BTG Practual. The bank’s president, Roberto Sallouti, recently announced that the bank will launch its own crypto exchange in roughly two months, stating:

“We can have our cryptocurrency buying and selling platform in up to two months [..] BTG’s proposal is to have an entire funding platform for our purchasers.”

XP Inc introduced on Thursday that it intends to launch a cryptocurrency exchange known as XTAGE in Brazil in partnership with Nasdaq.



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