This article is from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.
XP (XP), Brazil's largest broker by market value, plans to launch a crypto trading platform by the end of June, the company announced Thursday.
- The product, called XTAGE, is based on trading technology from major U.S. exchange Nasdaq and will be integrated into the XP application, the company said in a statement.
- XP's new feature will allow 3.5 million users to buy and sell bitcoin (BTC) and ether (ETH), although cryptocurrency deposits and withdrawals will not be available in the initial phase. The company plans to "expand its offering to different types of digital assets as market trends and investor appetite evolve," XP added.
- XP has tapped crypto custodian BitGo to hold XTAGE assets, most of which are held in "cold wallets," Lucas Rabechini, director of financial products, said during a press conference.
- XP is listed on Nasdaq and has a market capitalization of $10.8 billion. The company offers financial advisory services and more than 800 investment products, according to its profile.
- On Wednesday, Brazil's largest digital bank Nubank added the option for customers to buy and sell bitcoin and ether on its platform.
This article was translated by Andrés Engler and edited by CoinDesk. The original Portuguese article can be found here.