Brazil’s Largest Broker Launches its own Crypto Platform, Xtage

Xtage is the new cryptocurrency investment platform around. It belongs to XP, Brazil’s largest broker, with over 3.6 million users. The platform began its operations this Monday and is already available to XP clients wanting to invest in Bitcoin (BTC), and Ethereum (ETH).

News first arrived about XP’s own Cryptocurrency platform in May. The company is counting with Nasdaq’s partnership in order to integrate Nasdaq’s technology with XP’s app.

The new platform aims to expand assets until December. XP’s board of direction celebrated the launch:

“Over the next few months, we will add even more functionality to the platform,” said XP financial director Lucas Rabechini. “By the end of the year, we will have around 10 digital currencies available to investors,”

According to Rabechini, the platform is already supporting half a million users able to trade cryptocurrencies. Xtage expects to reach the milestone of a million users by the end of the year.

However, that number only takes into consideration the number of eligible users able to use the platform. In reality, Xtage expects to have 200,000 active users by the end of 2022.

Xtage’s functionalities

The platform will run 24 hours a day and plans to integrate MetaTrader 5 in the near future. This integration will allow users to create trading algorithms and even implement trading bots in order to buy and sell Bitcoin, and Ethereum.

Xtage looks to expand its cryptocurrency features. The company developed several study groups aiming to apply NFTs, Tokenization, Defi, and Web3 features to its platform.

Brazil’s Crypto Outreach

Brazil is one of the countries with the most cryptocurrency owners in the world. Nearly 5% of Brazil’s 212.6 population own one or more cryptocurrencies.

This means that Brazil is the 5th country in the world in terms of the number of cryptocurrency owners.  The massive number has really cemented the South American country as one of the biggest Crypto Hubs in the world.

In fact, Brazil’s government became the first government to have a state-owned bank allowing cryptocurrency exchange. In 2019, the Central Bank of Brazil (Bacen) officially recognized Bitcoin and other cryptocurrencies as official monetary assets.

In March of 2021, the Brazilian stock exchange approved two new crypto ETFs in Latin America . One consists of 100% Bitcoin and the other is composed of five cryptocurrencies, in addition to Bitcoin (BTC).

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