Brazil’s XP Has Launched a Bitcoin Service

Brazil’s new broker has 3.6 million users on its platform. Its newly launched trading space which was designed in conjunction with Nasdaq, supports as many as 1 million users to trade Bitcoin.

More Direct Opportunities for Clients

XP Incorporated has a solid place as the largest broker in Brazil when its market value is taken into account. It has now officially begun a Bitcoin trading operation that will give its existing 3.6 million users direct exposure. They can now sell, buy, and hold Bitcoin directly by themselves, according to news rounds in Brazil.

XP’s new product is named Xtage, and it is reportedly developed in conjunction with Nasdaq. Its operation began on Monday, and it has a goal of having 200,000 users by the end of 2022. Nevertheless, the platform has the capacity to host at least 500,000 subscribers, while the firm said it has enough capacity to quickly scale up to accommodate 1 million subscribers, which account for a third of its existing client base.

Nasdaq’s Vice President, Roland Chai, made a statement concerning the recent partnership with XP. He said Nasdaq’s huge and malleable technology would make provisions for XP to grow the strength and credibility of its platform reliably. And it will be able to offer new assets as they keep growing and evolving. 

Xtage to Leverage on Existing Users

Chai said Nasdaq’s technology was designed to help firms meet their market needs. It will also help them with regulatory structures now and in the future.

The new platform, Xtage, was first unveiled in the month of May. However, it was then just available in pilot mode exclusively for employees who were charged with testing it for more than one month. It is said that Xtage will be made to integrate with XP’s current operating infrastructure, and it will support just two crypto assets, and Bitcoin is one of them. 

XP’s Director of Finance Product, Lucas Rabechini, said Xtage’s potential is huge in the medium and long term. He said this is because XP has over 3.6 million clients on its platform as of today.

In addition to all, XP’s custodian will be Bitgo, and it will offer clients cold storage services. Although for now, it is not clear if users will be able to transfer Bitcoin out of the platform.