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A Brazilian brokerage XP Inc Launches Crypto Exchange

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A brokerage giant in Brazil, XP Inc is the latest in Brazilian fintech offering crypto trading. Following both Nubank and MercadoLibre, XP Inc has launched its crypto trading platform called XTAGE. 

In a post on Monday by the Nasdaq Exchange twitter, the account announced that XP had celebrated the launch of its digital asset trading platform. 

As a part of the launch, XP Inc has 3.6 million clients who will gain access to Bitcoin (BTC) and Ether (ETH) trading. This comes alongside noted plans by the broker to “support other digital assets and investment products based on crypto assets in the future.”

In partnership with Nasqaq and BitGo, the development of XTAGE features an integrated XP ecosystem which allows users to trade on its existing app. The XP director of financial products, Lucas Rabechini  said in a July interview that clients with “adequate investment profile for such operations”  will be the only ones able to use the XTAGE platform. 

XTAGE is also integrated with MetaTrade 5, a tool for stock trading and forex. 

Nuban is the largest Brazilian digital bank, carrying the same title in the rest of Latin America as well. The XTAGE competitor also announced a new partnership with Paxos in May of 2022. Customers were able to start trading and holding crypto assets through Nubank at the time of the announcement. 

However, another competitor, MercadoPago of Mercado Libre, also announced the ability of their Brazilian customers to trade BTC ETH, AND Pax Dollar (USDP), a USD backed stablecoin. 

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