Prominent Brazilian Brokerage Firm XP Inc Announces Crypto Services

Prominent Brazilian Brokerage Firm XP Inc Announces Crypto Services
  • Customers that meet XP’s investment criteria will be allowed to trade on the Xtage platform.
  • XP’s Assets Under Custody increased by 4% in the second quarter.

Companies all across the world are investing in crypto as it grows. Brazilian brokerage XP Inc., which now manages over $153 billion in assets, has announced plans to develop a digital platform of its own. A crypto platform for XP Inc is reportedly scheduled to launch by the middle of August, according to Reuters. Bitcoin (BTC) and Ethereum (ETH) will be the firm’s first offerings. However, by the end of the year, it expects to extend its offerings.

Customers that meet XP’s investment criteria will be allowed to trade on the Xtage platform, according to the company’s head of financial products, Lucas Rabechini. The platform, on the other hand, is currently only accessible to the company’s personnel.

Market Growing Steading Despite Modest Volume

XP’s Assets Under Custody increased by 4% in the second quarter, according to the company’s quarterly report. However, there has been a 3 percent decrease in quarterly sales. Over 3.6 million people presently utilize the service provided by the company.

Cryptocurrency trading services will be coupled with eligibility requirements, according to the company. Additionally, the level of risk that each customer is willing to face is taken into account here. According to the official, the platform will operate an additional ten digital assets by the start of 2023.

The world’s most popular cryptocurrency, Bitcoin, has lost more than half of its value. Rabechini, on the other hand, is certain that XP’s long-term emphasis on digital assets will not be altered as a result of these waves. According to him, the volume has been modest, but the market is growing steadily.

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