XP knowledgeable Cointelegraph that XTAGE will launch in Q2 2022 and will likely be absolutely built-in into the XP Inc ecosystem — the most important funding brokerage in Brazil with greater than 3.5 million shoppers and $168 billion belongings below custody.

XP said that the trade will initially supply the acquisition and sale of cryptocurrencies, however the intention is that the platform can even assist different digital belongings and funding merchandise primarily based on crypto belongings.

“The creation of XTAGE represents an necessary milestone in advancing the digital asset market and our potential to supply buyers higher entry to the digital asset ecosystem. By way of the expertise partnership with Nasdaq, we’re assured that XP will function on an modern and sturdy infrastructure,” mentioned Lucas Rabechini, director of economic merchandise at XP.

Roland Chai, govt vice chairman and head of market expertise infrastructure at Nasdaq, highlighted that Nasdaq’s partnership with XP will open new alternatives for firms 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 theworld’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 wrotein 2018 that the corporate had launched a platform for buying and selling cryptocurrencies known as XDEX, nevertheless, 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, recentlyannounced that it has partnered with Paxos to permit the financial institution’s clients to purchase, promote and retailer cryptocurrencies instantly by way of Nubank.

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

One other Brazilian financial institution that can even supply Bitcoin funding providers to its clients is BTG Practual. The financial institution’s president, Roberto Sallouti, not too long ago introduced that the financial institution will launch its personal crypto trade 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 shoppers.”

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