XP Inc., a Brazilian investment management company, has joined forces with Nasdaq and will launch a cryptocurrency trading platform. Entitled XTAGE, the new exchange should be launched by the end of next June. Initially, it will allow investors to buy and sell bitcoin (BTC) and ethereum (ETH).
The latest organization to open up to the cryptocurrency industry is Brazil's largest exchange and, according to local media, the company has partnered with Nasdaq to launch a digital asset trading platform called XTAGE, fully integrated into the ecosystem. from XP.
The CFO, Bruno Constantino, noted that XP customers will have direct access through the company's application and this will later be extended to external investors of the platform. When commenting on the recent market declines, the executive pointed out that “where the market is [in terms of prices] is irrelevant for the launch of the exchange”.
The timing of the launch is linked to the development of a platform with security, scalability and speed for the client”, said Constantino.
Lucas Rabechini, Director of Financial Products, commented that XP does not care about the current condition of the cryptocurrency market, since the niche has the potential to grow and, as such, the brokerage is focused on the next five, ten years.
Roland Chai, Executive Vice President of Nasdaq, also commented on the partnership, noting that the collaboration with XP could grant additional access to cryptocurrency services and create new opportunities for investors in Brazil.
Nasdaq’s robust and flexible infrastructure technology, designed to meet market demands as well as current and future regulatory frameworks, will allow XP to reliably scale its platform and introduce new asset classes as it grows and evolves.” , said Chai.
Vale remembers that this is just one more step towards cryptocurrencies that has been happening in Brazil, since earlier this week, the largest digital bank in the country, the Nubank, has also partnered with the Paxos Trust to launch cryptocurrency services.
