Following Nubank and MercadoLibre, a Brazilian brokerage firm has launched another crypto trading platform XTAGE in Brazil. The platform by XP Inc. could potentially bring 3.6 million users into the crypto market.
The Nasdaq Exchange Twitter account announced the news on 15 August. XTAGE is built on technology from Nasdaq—a leading global technology company serving the capital markets and other industries.
The new platform can be used to trade two cryptos, Bitcoin (BTC) and Ethereum (ETH), for now. However, the firm told Cointelegraph in May that in the future, it intended to support other digital assets and products based on crypto assets.
XTAGE is fully integrated into the XP ecosystem, allowing users to make crypto trades on its existing app. However, in a July interview, XP’s director of financial products, Lucas Rabechini told Reuters that only clients with an investment profile suitable for such operations would be allowed on the platform.
Brazil has emerged as a hot spot for the crypto industry in recent years. XP will be competing with popular players like Nubank, the largest digital bank in Brazil and Latin America, and MercadoPago, the fintech arm of MercadoLibre.