Brazilian brokerage introduces crypto asset trading amid bear market

Brazilian brokerage introduces crypto asset trading amid bear market

With the gradual recovery of the crypto market, many players are regaining their confidence in the sector. As a result, growing support for crypto and its products is already continuing after the terrible crypto winter. For example, another brokerage giant in Brazil has just launched support for BTC and ETH trading on its platform.

Brokerage house XP Inc. it already has 3.6 million users. Adding a platform where anyone can trade cryptocurrencies called XTAGE already exposes these users to the digital space. This is, of course, the way forward for the industry.

XP Inc. is simply the latest firm to add support for crypto trading. So far, Nubank and MercadoLibre have already done this.

Nubank is the leading bank for digital assets in Brazil and Latin America. In addition, the bank partnered with Paxos in 2021 to give customers access to digital currency directly from its platform.

They could easily buy, store or sell their cryptocurrencies. MercadoPago also did the same for their Brazilian customers 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 via the Nasdaq Exchange Twitter account.

The message invited all followers to celebrate the recent launch of XTAGE with the company. Interestingly, the new platform will use Nasdaq Exchange technology to facilitate operations.

Also, XP Inc. aims to use the medium to provide easy access to crypto for Brazilians interested in investing in digital assets. Through thiu, the 3.6 million users on the brokerage platform can now trade BTC or ETH as they wish.

The crypto market is in a downtrend today on the chart l Source: Total Crypto Market Cap on TradingView.com

Although the firm started with these two cryptocurrencies in the market, they already revealed to a reliable source in May that they will add more digital assets. Also, XTAGE will eventually host crypto-based investment products.

It is significant that XTAGE is not just the brainchild of XP Inc. In fact, the firm has partnered with BitGo and Nasdaq to make the dream come true. BitGo is a cryptocurrency custody firm, while Nasdaq is a well-known American stock exchange.

All these top shots contributed to the launch of the platform. Now XTAGE is integrated into the XP network, giving users access to crypto through their XP applications. But according to XP’s director of financial products, the XP users who can now access the XTAGE platform are those with good investment profiles. Lucas Rabechini revealed this in July.

Also, since XTAGE is built on Nasdaq technology, it is integrated with MetaTrader 5, a stock and forex tool. As for BitGo’s contribution, it will be the custodian of the platform to store XTAGE assets in cold wallets off the internet for maximum security.

Featured image from Pixabay, Chart from TradingView.com



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