Tuesday, July 16, 2024

Nasdaq partners with XP to launch cryptocurrency exchange in Brazil



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

XP acknowledged that the exchange will initially provide the acquisition and sale of cryptocurrencies, however the intention is that the platform can even help different digital belongings and funding merchandise primarily based on crypto belongings.

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“The creation of XTAGE represents an vital milestone in advancing the digital asset market and our capacity to provide traders larger entry to the digital asset ecosystem. By way of the know-how partnership with Nasdaq, we’re assured that XP will function on an revolutionary and strong infrastructure,” mentioned Lucas Rabechini, director of economic merchandise at XP.

Roland Chai, government vice chairman and head of market know-how 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 in 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 centered on the cryptocurrency market. Cointelegraph wrote in 2018 that the corporate had launched a platform for buying and selling cryptocurrencies referred to as XDEX, nonetheless, this ended up being closed in March 2020, simply earlier than Bitcoin’s most up-to-date bull run.

Scorching cryptocurrency market in Brazil

Nubank, the biggest digital financial institution in Brazil and Latin America, lately introduced that it has partnered with Paxos to enable the financial institution’s clients to purchase, promote and retailer cryptocurrencies instantly by way of Nubank.

Alongside with the launch of the brand new cryptocurrency transaction companies, Nubank mentioned 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 can even provide Bitcoin funding companies to its clients is BTG Pactual. The financial institution’s president, Roberto Sallouti, lately introduced that the financial institution will launch its personal crypto exchange in roughly two months, stating:

“We could have our cryptocurrency buying and selling platform in up to 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 exchange referred to as XTAGE in Brazil in partnership with Nasdaq.