Nasdaq partners with XP to launch cryptocurrency exchange in Brazil

XP knowledgeable Cointelegraph that XTAGE will launch in Q2 2022 and can be totally built-in into the XP Inc ecosystem — the most important funding brokerage in Brazil with greater than 3.5 million purchasers and $168 billion property beneath custody.

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

“The creation of XTAGE represents an vital milestone in advancing the digital asset market and our capability to supply buyers better entry to the digital asset ecosystem. By the know-how partnership with Nasdaq, we’re assured that XP will function on an modern and sturdy infrastructure,” stated Lucas Rabechini, director of economic merchandise at XP.

Roland Chai, government vp and head of market know-how infrastructure at Nasdaq, highlighted that Nasdaq’s partnership with XP will open new alternatives for corporations and buyers.

This isn’t the primary time that NASDAQ has partnered with a Brazilian firm within 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 targeted on the cryptocurrency market. Cointelegraph wrote in 2018 that the corporate had launched a platform for buying and selling cryptocurrencies known as XDEX, nonetheless, this ended up being closed in March 2020, simply earlier than Bitcoin’s most up-to-date bull run.

Sizzling cryptocurrency market in Brazil

Nubank, the most important digital financial institution in Brazil and Latin America, just lately introduced that it has partnered with Paxos to permit the financial institution’s clients to purchase, promote and retailer cryptocurrencies immediately by Nubank.

Together with the launch of the brand new cryptocurrency transaction providers, Nubank stated that it’s going to allocate roughly 1% of its web property to Bitcoin (BTC) by the cashier of Nu Holdings — an organization that controls the Nubank Group.

One other Brazilian financial institution that can even provide Bitcoin funding providers to its clients is BTG Practual. The financial institution’s president, Roberto Sallouti, just lately introduced that the financial institution will launch its personal crypto alternate in roughly two months, stating:

“We can have our cryptocurrency buying and selling platform in as much as two months [..] BTG’s proposal is to have a whole funding platform for our purchasers.”

XP Inc introduced on Thursday that it intends to launch a cryptocurrency alternate known as XTAGE in Brazil in partnership with Nasdaq.