Brazil’s largest brokerage by market value XP Inc has officially joined the crypto trading business. The broker is set to offer crypto trading via its newly launched platform dubbed XTAGE.
The news was announced by the US-based NASDAQ Exchange in a tweet post on Monday. According to the post, XP rang the exchange opening Bell to commemorate the launch of XTAGE.
With the launched platform, users can now buy, sell, store, and trade both Bitcoin(BTC) and Ethereum (ETH). There are also plans to increase its offering to another 10 digital currencies before the fall of the year.
Interestingly the XTAGE platform is modeled after NASDAQ. According to Roland Chai, Executive Vice President at XP, NASDAQ’s technology allows the firm to scale its platform and introduce new asset classes.
Furthermore, he said the infrastructure is built to satisfy market demands and regulatory structures.
Additionally, Brazil’s brokerage firm has partnered with BitGo to store all of its XTAGE assets. These assets will be stored in cold wallets not connected to the internet. In addition to the NASDAQ and Bitgo partnership, XTAGE also integrates MetaTrader 5, a forex and stock trading tool.
According to Lucas Rabechini, director of finance at XP, users will have to complete a comprehensive KYC to access the new platform. With an active user base of 3.6 million users, XP hopes to hit 200,000 active Crypto users by the end of the year.
Before the launch of the crypto trading service, XP’s employees piloted XTAGE before its integration into the brokerage.
Aside from XP, Nubank, a Brazilian digital bank, announced Nucripto, its inbuilt crypto trading platform. The platform registered 1 million subscribers barely a month after its launch.
Nubank partnered with Paxos, a blockchain firm to offer Bitcoin and Ethereum trading to its users.
In a plenary session in April, the Senate of Brazil approved the country’s first bill regarding digital assets. This set the stage for the creation of a crypto regulatory framework for the world’s ninth-largest economy.
Also in June, Brazil through its parliament made moves to legalize bitcoin payments. Additionally, the bill also seeks to protect the private keys of holders from being seized by the courts.