XP knowledgeable Cointelegraph that XTAGE will launch in Q2 2022 and might be totally built-in into the XP Inc ecosystem — the most important funding brokerage in Brazil with greater than 3.5 million shoppers and $168 billion belongings underneath custody.

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

“The creation of XTAGE represents an necessary milestone in advancing the digital asset market and our capability to supply traders larger entry to the digital asset ecosystem. By way of 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 traders.

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.

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

Sizzling cryptocurrency market in Brazil

Nubank, the most important digital financial institution in Brazil and Latin America, lately announced that it has partnered with Paxos to permit the financial institution’s prospects to purchase, promote and retailer cryptocurrencies immediately by way of Nubank.

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

One other Brazilian financial institution that will even provide Bitcoin funding providers to its prospects is BTG Practual. The financial institution’s president, Roberto Sallouti, lately introduced that the financial institution will launch its personal crypto change in roughly two months, stating:

“We can have our cryptocurrency buying and selling platform in as much as two months [..] BTG’s proposal is to have a whole funding platform for our shoppers.”

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