XP Inc. announced the creation of XTAGE, its own platform for trading cryptocurrencies. According to InfoMoney, the new platform will be launched in partnership with the US stock exchange Nasdaq.
In a note, XP Inc. explained that XTAGE will be fully integrated into the company’s ecosystem. That is, customers will be able to invest through the current application of the platform. The official launch will be made through a press conference held this Thursday (12), at 9 am.
“At XP, we have the great mission of democratizing access to digital assets, providing investors with a broad and diversified portfolio of financial products that are at the forefront of global innovation”, says Lucas Rabechini, director of financial products at XP Inc.
XTAGE will be ready in June
According to the XP note, the exchange will be fully operational by the end of June. XP did not disclose which cryptocurrencies will be traded. Naturally, BTC (BTC) and Ether (ETH) will likely be on the platform.
Initially, XTAGE will focus on cryptocurrency trading, and in the medium term it plans to “expand its offering to include various types of digital assets as market trends and investor appetite evolve.”
“The creation of XTAGE represents an important milestone in advancing the digital asset market and our ability to offer investors greater access to the digital asset ecosystem. Through the technology partnership with Nasdaq, we are confident that XP will operate on an innovative and robust infrastructure,” he says.
First attempt post-XDEX
In 2017, XP partners launched XDEX, an exchange that traded based on the price of BTC. Because of regulation, the exchange did not directly deal with BTC trading, but only with the price of the cryptocurrency.
The exchange’s operations lasted until March 31, 2020, when XDEX ceased activities. In a note, the exchange cited increased competition and few regulatory advances as justifications for the closure.
However, the situation has changed dramatically in the last couple of years as the demand for cryptocurrency investments has intensified. XP itself already makes cryptocurrency funds available to its platform customers, and Brazil already has almost ten ETFs focused on this market.
On the other hand, the cryptocurrency framework has been approved by the Senate and is in its last phase of consideration in the Chamber of Deputies. If approved, Brazil will have clear legislation and guidelines for this market.