Brazil’s Largest Brokerage, XP, Set to Launch Crypto Trading Feature

This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.

XP (XP), the largest Brazilian brokerage by market value, plans to launch a crypto trading platform by the end of June, the company announced Thursday.

• The product, named XTAGE, is built on major American stock exchange Nasdaq’s trading technology and will be integrated with XP’s application, the company said in a statement.
• XP’s new feature will allow 3,5 million users to buy and sell bitcoin (BTC) and ether (ETH), although crypto deposit and withdrawal will not be available in the initial stage. The company plans to “expand its offer to include several types of digital assets, as market trends and investor appetite evolve,” added XP.
• XP has tapped crypto custody firm BitGo to store XTAGE’s assets, most of which will be held in “cold wallets,” Lucas Rabechini, financial products director, said during a press conference.
• XP is listed on the Nasdaq and has a market cap of $10.8 billion. The company offers financial advisory services and more than 800 investment products, according to its profile.
• On Wednesday, the largest Brazilian digital bank, Nubank, added the option for customers to buy and sell bitcoin and ether on its platform.

This article was translated by Andrés Engler and edited by CoinDesk. The original Portuguese article can be found here.