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Nasdaq companions with XP to launch cryptocurrency change in Brazil

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XP knowledgeable Cointelegraph that XTAGE will launch in Q2 2022 and shall be totally built-in into the XP Inc ecosystem — the biggest funding brokerage in Brazil with greater than 3.5 million purchasers and $168 billion belongings beneath custody.

XP acknowledged that the change will initially supply the acquisition and sale of cryptocurrencies, however the intention is that the platform will even assist different digital belongings and funding merchandise primarily based on crypto belongings.

“The creation of XTAGE represents an essential milestone in advancing the digital asset market and our skill to supply buyers larger entry to the digital asset ecosystem. Through the expertise partnership with Nasdaq, we’re assured that XP will function on an revolutionary and sturdy infrastructure,” stated Lucas Rabechini, director of monetary merchandise at XP.

Roland Chai, govt vp and head of market expertise infrastructure at Nasdaq, highlighted that Nasdaq’s partnership with XP will open new alternatives for corporations and buyers.

This isn’t the primary time that NASDAQ has partnered with a Brazilian firm within the cryptocurrency market. In 2019, the American firm partnered with Hashdex to launch the world’s first Bitcoin Spot ETF.

In the case of XP, that is additionally not the primary time that the corporate has sought to launch an organization centered on the cryptocurrency market. Cointelegraph wrote in 2018 that the corporate had launched a platform for buying and selling cryptocurrencies known as XDEX, nevertheless, this ended up being closed in March 2020, simply earlier than Bitcoin’s most up-to-date bull run.

Hot cryptocurrency market in Brazil

Nubank, the biggest digital financial institution in Brazil and Latin America, not too long ago introduced that it has partnered with Paxos to permit the financial institution’s prospects to purchase, promote and retailer cryptocurrencies instantly via Nubank.

Along with the launch of the brand new cryptocurrency transaction companies, Nubank stated that it’s going to allocate roughly 1% of its web belongings to Bitcoin (BTC) via the cashier of Nu Holdings — an organization that controls the Nubank Group.

Another Brazilian financial institution that will even supply Bitcoin funding companies to its prospects is BTG Practual. The financial institution’s president, Roberto Sallouti, not too long ago introduced that the financial institution will launch its personal crypto change in roughly two months, stating:

“We could have our cryptocurrency buying and selling platform in as much as two months [..] BTG’s proposal is to have an entire funding platform for our purchasers.”

XP Inc introduced on Thursday that it intends to launch a cryptocurrency change known as XTAGE in Brazil in partnership with Nasdaq.