Brazil’s largest broker to allow cryptocurrencies trading
Brazil’s largest broker, XP, announced that it would open its Xtage cryptocurrency trading platform to some clients in August. To begin with, only Bitcoin and Ethereum will be available, although a total of ten digital assets will be available by early 2023.
According to a Reuters report, XP, Brazil’s largest broker, will begin offering cryptocurrency services to its clients from August 2022.
The company is set to provide access to the cryptocurrency trading platform, with Bitcoin and Ethereum being the initially available assets. More assets are expected to be added by the end of the year.
In an interview with Reuters, XP’s director of financial products, Lucas Rabechini, said the Xtage platform would be accessible to clients with an “investment profile suitable for this type of trading.” Currently, the platform is only open to employees.
BRAZIL AND XP BET ON CRYPTOCURRENCIES
Rabechini also told Reuters that the company plans to add ten cryptocurrencies by early next year. He was optimistic about the growth of cryptocurrencies and the technology itself and said:
“You can say ‘volume has been weak, there will be few orders,’ but we see this market growing systematically over time, and our long-term vision is not just about the price, but also about technology.”
XP has 3.6 million customers, and the Xtage platform was first announced in May. Brazil is known to have a growing interest in cryptocurrencies, and others also offer similar services.
Nubank is the best known of these and has partnered with Paxos to allow customers to buy BTC and ETH.
Cryptocurrencies are popular in Latin America, and Brazil is no exception. News from the region has been on the rise, with both positive and negative developments.
CRYPTO REGULATION IN BRAZIL
In addition to various banks disclosing cryptocurrency-related efforts, the government has also played a role in shaping how crypto works in the nation. The Brazilian Senate recently passed a bill introducing cryptocurrency regulations.
The bill, which has yet to be voted on by the Chamber of Deputies, will see regulatory agencies able to oversee crypto service providers. The central bank is likely to control the cryptocurrency sector.
The highlight of the bill is the anti-money laundering requirements.
The regulation could stimulate a new influx of investments and reassure banks and companies considering working with cryptocurrencies.
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Brazil — Live Market Board
+0.51%
171,906.72
+0.51%
66,105.23
+0.57%
11,537.98
+1.76%
2,995,129
+2.81%
2,510.72
+2.09%
60,222.25
-0.17%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IBOV | 171,906.72 | +0.51% | +21.85% | 171,031.73 | 168,310 | 167,142 | — |
| USD/BRL | 5.16 | +0.01% | -5.13% | 5.16 | 5.18 | 5.14 | — |
| SELIC | 14.00% | — | — | — | — | — | |
| PETR4 | 41.64 | -0.05% | +35.19% | 41.66 | 41.97 | 41.15 | 41,499,400 |
| VALE3 | 72.97 | +0.83% | +30.75% | 72.37 | 73.54 | 72.66 | 17,658,000 |
| ITUB4 | 38.60 | -1.03% | +4.57% | 39.00 | 39.34 | 38.39 | 29,487,800 |
| BBDC4 | 16.85 | +0.36% | +3.50% | 16.79 | 16.90 | 16.67 | 19,416,900 |
| BBAS3 | 19.37 | +0.47% | +0.73% | 19.28 | 19.44 | 19.16 | 11,069,200 |
| B3SA3 | 14.26 | -0.21% | +12.73% | 14.29 | 14.47 | 14.11 | 33,037,800 |
| ABEV3 | 14.89 | -0.80% | +21.91% | 15.01 | 15.07 | 14.81 | 16,453,100 |
| WEGE3 | 47.59 | +0.49% | +29.99% | 47.36 | 48.08 | 47.36 | 3,364,600 |
| PRIO3 | 59.14 | -0.19% | +50.67% | 59.25 | 59.81 | 58.74 | 3,325,600 |
| SUZB3 | 41.33 | +2.35% | -23.55% | 40.38 | 41.48 | 40.35 | 3,914,900 |
| RENT3 | 34.68 | -0.09% | +0.84% | 34.71 | 34.96 | 34.35 | 7,979,100 |
| AZZA3 | 15.89 | -2.63% | -53.76% | 16.32 | 16.42 | 15.82 | 1,330,300 |
| CSNA3 | 4.30 | +0.47% | -42.65% | 4.28 | 4.41 | 4.26 | 10,076,100 |
| GGBR4 | 24.69 | +2.19% | +51.38% | 24.16 | 24.85 | 24.18 | 7,047,600 |
| ENEV3 | 24.21 | -1.38% | +70.49% | 24.55 | 24.64 | 23.99 | 9,297,000 |
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