Brazillian Brokerage Firm Introduces Trading For Crypto Assets Amid Bear Market
With the gradual crypto market recovery, many players are regaining their confidence in the sector. As a result, more and more support for crypto and its products is already resuming after the terrible crypto winter. For instance, another brokerage giant in Brazil has just launched support for BTC and ETH trading on its platform.
The brokerage firm XP Inc. already boasts 3.6 million users. Adding a platform where anyone can trade crypto named XTAGE is already exposing these users to the digital space. This is, of course, a way forward for the industry.
XP Inc. is simply the newest firm to add support for crypto trading. Before now, Nubank and MercadoLibre have already done it.
Nubank is the leading bank for digital assets in Brazil and Latin America. In addition, the bank partnered with Paxos in 2021 to enable customers’ access to digital currency directly from its platform.
They could buy, store or sell their crypto without issues. MercadoPago also did the same for their Brazillian clients when they allowed them to buy, hold or sell BTC, ETH, and USDP in 2021.
XTAGE Crypto Trading Platform
The crypto community in Brazil received this news on August 15 through the Twitter account of Nasdaq Exchange.
.@xpinvestimentos joins us for the Opening Bell to celebrate the XTAGE digital assets trading platform.
Leveraging @NasdaqExchange’s technology, XTAGE represents a key milestone in democratizing access to the digital assets market in Brazil. pic.twitter.com/DS3RXtWVpb
— Nasdaq Exchange (@NasdaqExchange) August 15, 2022
The message was calling all followers to celebrate with the company for the recent launch of XTAGE. Interestingly, the new platform will leverage Nasdaq Exchange technology to facilitate operations.
Also, XP Inc. aims to use the medium to allow easy access to crypto for Brazilians interested in digital assets investments. Through thia, the 3.6 million users on the brokerage platform can now trade BTC or ETH as they want.
Crypto market is trending down today on the chart l Source: Total Crypto Market Cap on TradingView.com
Even though the firm started with these top two cryptos in the market, they had already disclosed to a reliable source in May that they would add more digital assets. Also, XTAGE will host crypto-based investment products with time.
Notably, XTAGE is not only the brainchild of XP Inc. In fact, the firm partnered with BitGo and Nasdaq to make a dream come true. BitGo is a crypto custody firm, while Nasdaq is the famous American stock exchange.
All these top shots contributed to launching the platform. Now, XTAGE is integrated into the XP network, giving users access to crypto via their XP apps. But according to the financial product director of XP, the XP users who can access the XTAGE platform now are those with good investment profiles. Lucas Rabechini disclosed this in July.
Also, given that XTAGE is built on Nasdaq tech, it is integrated with MetaTrader 5, a stock and forex tool. As for BitGo’s contribution, it will be the custodian for the platform to store XTAGE assets in cold wallets outside the internet for maximum security.
Featured image from Pixabay, Chart from TradingView.com