Brazil’s Largest Investment Broker To Offer Bitcoin Trading In August: Report

In concern with Nasdaq and BitGo, XP Inc. volition connection bitcoin trading services leveraging acold retention custody solutions connected a caller platform.

• Brazil’s largest concern broker, XP Inc., volition statesman offering bitcoin trading adjacent month.
• The broker volition connection its trading services connected a caller cryptocurrency trading level developed alongside Nasdaq.
• BitGo volition service arsenic the custodian for integer assets held by the trading platform.

XP Inc., the largest concern brokerage successful Brazil by marketplace value, volition let immoderate customers to statesman trading bitcoin adjacent month, according to a study from Reuters.

XP volition database bitcoin and 1 different cryptocurrency connected its cryptocurrency trading platform, Xtage, by mid-August. The broker plans to grow its merchandise offerings by the extremity of the year, the company’s manager of fiscal products Lucas Rabechini said, per the report.

Institutional cryptocurrency steadfast BitGo was selected arsenic XP’s custody spouse for Xtage. BitGo offers institutional-grade cold storage multisignature (multisig) wallets to safeguard assets portion offering security connected assets held connected the platform, arsenic good arsenic self-managed acold custody solutions. Initially, Xtage volition reportedly not enactment withdrawals oregon transfers of bitcoin.

Xtage was archetypal announced successful May, and became disposable exclusively to employees successful aboriginal July. XP mentioned the speedy timeline was successful portion owed to the increasing contention from different fiscal institutions entering the ecosystem specified arsenic Nubank, Itau Unibanco and BTG Pactual.

"There are competitors doing their homework, immoderate beauteous competent ones, but we are competent arsenic well," Rabechini said.

The reportedly “super fast” trading level was designed successful concern with Nasdaq focusing connected bid execution and volition integrate with its existent applications. Additionally, Rabechini noted that this determination is astir technology, not being capable to terms the marketplace astatine the close time.

"You tin accidental 'the measurement has been weak, determination volition beryllium fewer orders,' but we spot this marketplace systematically increasing implicit time, and our semipermanent presumption is not conscionable focused connected price, but besides technology," Rabechini said.