XP to roll out bitcoin, ether trading to clients (Cryptocurrency:BTC-USD)

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Brazil’s XP Inc to open crypto platform to clients in August

SAO PAULO — Brazilian brokerage XP Inc expects to open its digital assets trading platform to clients by mid-August, initially offering bitcoin and ether simply with plans to expand it by the end of this year, the visitor’due south director of financial products said.

Lucas Rabechini told Reuters in an interview that clients with an “adequate investment contour for such operations” will be allowed into the Xtage platform, now just open up to employees, starting next calendar month.

XP currently has iii.6 million customers, but said crypto trading will comply with eligibility rules such as the amount of chance each client is willing to accept.

Rabechini also said that “by the terminate of Dec and the beginning of adjacent year” there volition be an additional 10 cryptoassets available for trading.

Digital currencies accept been in the eye of the storm recently equally crypto giants such as Celsius and Voyager have collapsed, and bitcoin has lost roughly l% of its value so far this year. Such shockwaves, however, did non change XP’due south long-term focus on crypto, Rabechini said.

“Y’all tin can say ‘the volume has been weak, there will be few orders,’ but we come across this market systematically growing over time, and our long-term view is non just focused on price, merely also technology,” he said, noting that XP developed a “super fast” order execution engineering science alongside Nasdaq Inc.

XP first appear Xtage in May, and employees started testing it in early July.

The visitor is set to face competition from large financial players in Brazil, every bit Nubank, BTG Pactual and Itau Unibanco take all recently revealed plans to provide clients with crypto-related services.

“There are competitors doing their homework, some pretty competent ones, simply we are competent as well,” Rabechini said. (Reporting by Paula Arend Laier; Writing by Gabriel Araujo Editing by Marguerita Choy)

Source: https://leaderpost.com/pmn/business-pmn/brazils-xp-inc-to-open-crypto-platform-to-clients-in-august

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