The largest brokerage company in Brazil intends to offer clients with an “adequate investment profile” 10 types of cryptocurrencies, including BTC and ETH.
Lucas Rabechini, director of financial products at XP, said that the broker is going to open its Xtage cryptocurrency trading platform by mid-August. Initially, the platform will offer only bitcoins and ethers, but by the end of 2022 it plans to expand the list of available cryptocurrencies.
Rabechini added that starting next month, clients with an “adequate investment profile for such transactions” will be admitted to cryptocurrencies. The Xtage marketplace is currently open to XP employees only.
The director of financial products said that “by the end of December and the beginning of next year” 10 crypto assets will be available for trading. Rabechini noted that the turmoil in the crypto market, which led to the default of such giants as Celsius and Voyager and the loss of almost 50% of the value of Bitcoin, did not change XP’s long-term focus on the digital currency market.
“We forecast volume to be weak, orders to be low, but we see the market growing over time and our long-term view is focused not only on price but also on technology. XP has partnered with the Nasdaq to develop ultra-fast order execution technology.”
Rabechini says the company is ready to face competition from major Brazilian financial players such as Nubank, BTG Pactual and Itau Unibanco (ITUB4.SA), which have recently unveiled plans to provide cryptocurrency-related services to customers.
“There are competitors among local companies that are entering this market, some of them are quite competent, but we are no less savvy in this matter,” said the director of financial products.
Recall that in May, XP and Nasdaq announced the launch of the Xtage cryptocurrency trading platform by the end of the second quarter of 2022.
Source: Bits
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