Rico To Expand Operations Into Banking And Cryptocurrency
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Banco XP will be in charge of these items, but Rico's name will be used to handle them. At launch, the company anticipates that 50% of customers will have access to these goods.
Accessibility For Young People
Rico will concentrate on younger players in the field, whose annual income is around $1,000, while other competitors will focus on institutional investors and prominent investment accounts. Pedro Canellas of Rico commented on this interest in these frequently ignored investors as follows:
"We want to help clients to have a healthy consumption so they can become savers, investors, and, later, big investors. We are going to reach a part of the population that few people are looking at."
Investments Through Credit Card
With these developments, the business is sure its user base will have tripled by 2025. Canellas claims that one of the platform's features will include the option to make investments using a credit card.
As a result, customers should be able to continue investing and paying off a portion of their assets every month, even if their income is less than that of Rico's average customer ($2,000).
Rico: The Newest Cryptocurrency Platform
Rico is the newest platform to offer cryptocurrency services in Brazil. This year, neobanks like Nubank and Picpay added cryptocurrency trading features to their platforms. Santander and Itau Unibanco also made announcements about approval being granted for cryptocurrencies.
Not all banks, meanwhile, are supporting this market. The second-largest bank in Brazil, Bradesco, recently made it clear that due to the market's tiny size, it has no interest in participating.