As Brazil moves to ride the public’s huge interest in cryptocurrency, one of the country’s largest investment and brokerage firms, XP Inc, launched its crypto trading platform for major cryptocurrencies.
XP Inc launched XTAGE via a new partnership with Nasdaq on Monday, allowing its users to trade major cryptocurrencies, Bitcoin and Ethereum.
XP releases XTAGE to trade BTC, ETH in Brazil
According to the official statement from Nasdaq, the introduction of XTAGE will give its more than 3.5 million consumers access to purchase, sell, hold, and trade Bitcoin and Ethereum through new investment opportunities.
“From now on, the platform is available to all customers with a digital account on the XP App, for trading two cryptocurrencies (Bitcoin and Ether),” the Nasdaq announcement stated.
In its announcement, XP emphasized that Nasdaq’s leading trading technology established the platform.
“XTAGE represents an important milestone in the democratization of access to the digital asset market in Brazil. Built on Nasdaq’s leading trading technology, XP’s platform is uniquely positioned to scale flexibly as it grows and introduces new products and services,” XP’s announcement read.
Prior to incorporating the technology inside the brokerage, XP workers tested the cryptocurrency platform in May.
Brazil’s growing interest in crypto
Brazil has been active in crypto for the past few months, contributing to its 213 million residents’ growing interest in cryptocurrencies.
In July, Banco Santander S.A., the Brazilian affiliate of Santander Bank, introduced a crypto trading platform for its customers.
Brazilian legislators even pushed to make cryptocurrencies a legal “payment currency” last October 2021 with deliberations currently ongoing in the Brazilian parliament.
Brazil’s crypto bill has been stalled at the country’s lower house as its Chamber of Deputies postpones the crypto law voting until after the presidential election.
On October 2, the first round of voting for the president of Brazil will take place. In the country’s surveys, it shows that former president Lula da Silva takes the lead. The runoff for the presidential election will happen on October 30, 2022.