XP, the largest Brazilian brokerage by market value, has launched a crypto trading platform.
The company said Monday the platform currently allows users to trade bitcoin (BTC) and ether (ETH). XP aims to offer exposure to 10 digital currencies by the end of the year, said Lucas Rabechini, XP financial products director.
XP, which has 3.6 million customers, expects to reach 200,000 crypto active users by the end of the year, Rabechini said. XP is the latest major Brazilian fintech player to offer crypto trading services, following moves over the last few months by large local players Nubank, MercadoLibre and PicPay. Nubank and MercadoLibre have each already surpassed one million crypto users, the two companies reported.
XP’s crypto platform, named XTAGE, is built on the trading technology of major American stock exchange Nasdaq and will have an integration with MetaTrade 5, a forex and stock trading tool, the company said. XP added that it also tapped crypto custody firm BitGo to store XTAGE’s assets, most of which will be held in cold wallets not connected to the internet.
This article was translated by Andrés Engler and edited by CoinDesk. The original Portuguese article can be found here.