Brazilian Broker XP Launches Its Crypto Trading Platform Xtage

Major Brazilian broker XP, the latest financial firm in the country to offer its customers the ability to trade crypto, has launched its platform Xtage. 

XP executives rang the opening bell of the Nasdaq exchange yesterday morning in New York and revealed that the platform is now live for users of its mobile app who want to trade bitcoin and ether. 

"Nasdaq's robust and flexible infrastructure technology, designed to meet market demands, as well as current and future regulatory structures, will allow XP to scale its platform reliably and introduce new asset classes as they grow and evolve," Roland Chai executive vice president for Nasdaq previously said.

The Xtage platform was initially launched this past May but was available as a pilot strictly for employees who tested the platform for over a month. Xtage will integrate with XP's already existing infrastructure and will only support two digital assets, bitcoin and ether.

"In the medium and long term, the potential is enormous, taking into account that today we have more than 3.6 million customers on the XP platform," said Lucas Rabechini, director of financial products at XP.

Several other high-profile Brazilian banks and fintechs have launched crypto trading features in the past few weeks. Latin America's largest investment bank, BTG Pactual, finally launched its long-awaited crypto platform Mynt a few weeks ago, as reported. Brazilian fintech app PicPay also confirmed on August 10 that its Paxos-powered crypto trading platform was now available. Digital banking unicorn Nubank also launched a crypto trading platform called Nucripto at the end of June.