XP reported that in the second quarter of this year, XTAGE will be launched with complete integration with the ecosystem of XP Inc (the biggest investment brokerage across Brazil having up to 3.5M consumers as well as $168B worth of assets under custody). XP mentioned that at first, the exchange will offer the sale as well as the purchase of cryptocurrencies, however, the objective is that crypto asset-based investment and digital asset products will additionally be supported by the venue.
The collaboration
The XTAGE’s creation counts to be a significant landmark in bringing advancement to the market of digital assets as well as the ability of the platform to provide investors with enhanced access to the ecosystem of digital assets. Via the technology collaboration with Nasdaq, they are assured that XP will run on a robust and innovative infrastructure, as stated by Lucas Rabechini (the XP’s director of the financial product).
The executive vice president as well as the market technology setup’s head and vice president at Nasdaq, Roland Chai, brought to the front that the collaboration between XP and Nasdaq will provide unique chances for investors as well as companies. This does not count to be the initial time that a partnership has been witnessed between a company based in Brazil in the market of cryptocurrency as well as NASDAQ.
Three years back, the U.S.-based firm collaborated with Hashdex for the introduction of the world’s initial BTC Spot ETF. In XP’s situation, this is additionally not the initial time that the firm has pursued the launching of a firm that would be keenly dedicated to the crypto market. In 2018, it was reported that a venue named XDEX had been initiated on the behalf of the firm for the trade of cryptocurrencies, nonetheless, this got eliminated in 2020’s March, just in advance of the latest bull run of Bitcoin.
Progressive Brazilian crypto market
The biggest digital bank throughout Latin America including Brazil, Nubank, declared to have collaborated with Paxos to permit the clients of the banks to purchase, store, as well as sell crypto straight via Nubank. Along with the provision of the new services related to crypto transactions, it was stated by Nubank that a rough amount of nearly 1% will be specified by it for BTC (Bitcoin) via the cashier of a firm administering the Nubank Group, Nu Holdings.
