This article is from www.blocknews.com.br and the original article can be read here in Portuguese
Just over two years after closing its cryptocurrency platform, XP will return to the segment with XTAGE, which will be fully operational at the end of next June. The project is a partnership with Nasdaq. The announcement comes amid a greater influx of traditional financial institutions and digital banks into crypto and a meltdown in cryptocurrency prices.
Yesterday (11), Nubank announced that it will make bitcoin and ethereum transactions available to its 53 million customers in Brazil. The fintech forecast is also to complete the offer to all customers by the end of June. BTG chairman Roberto Sallouti has also just announced that the bank’s crypto platform will be up and running in two months.
At the time it closed XDEX, XP claimed that “the projection of the market, competition and the few regulatory advances diminished the opportunities found at the beginning of the project.” The market has grown, competition then, let’s not even talk about it, and regulation is being discussed in Congress. According to market sources, XP closed the unit under pressure from ItaĂş.
According to XP, XTAGE is built, based on the trading technology of the American stock exchange Nasdaq. “We entered this market with a strong team which allowed us to efficiently collaborate with an industry-leading partner and develop this platform in record time,” says Bruno Constantino, CFO of XP Inc. “At the time of launch, our 3.5 million customers will have access to the trading platform directly from the app they are already familiar with.”
According to Roland Chai, Executive Vice President and Head of Market Technology Infrastructure at Nasdaq. “Nasdaq’s robust and flexible infrastructure technology, designed to meet market demands as well as current and future regulatory frameworks, will allow XP to reliably scale its platform and introduce new asset classes as it grows and evolves. We look forward to continuing our technology partnership with XP as they strengthen their offerings and further innovate the digital asset ecosystem.”
XP said the trading platform will be fully integrated into the XP Inc. ecosystem, allowing clients to invest without friction with the services they are already used to. The new platform will, at the time of launch, offer cryptocurrency trading. In the medium term, XP plans to expand its offering to include multiple types of digital assets as market trends and investor appetite evolve.