XP, Brazil's Largest Broker, will Launch Trading Bitcoin
"XP will be able to scale its platform reliably and introduce new asset classes as they grow and evolve, thanks to Nasdaq's robust and flexible infrastructure technology, which is designed to meet market demands as well as current and future regulatory structures," said Roland Chai, executive vice president and head of market technology infrastructure at Nasdaq.
Cryptocurrency portfolios will be integrated with other investments on the app, allowing customers to interact with the familiar interface without friction. This feature will make bitcoin available to XP's 3.5 million clients.
According to an internal XP poll, over 60% of its clients are interested in purchasing bitcoin and other cryptocurrencies, and 80% of customers actively investing in these assets outside of XP would like to use a trading platform built by XP.
Lucas Rabechini, XP's director of financial products, was reportedly asked about fees for utilizing the platform and stated that his consumers will "have incredibly competitive rates."
Customers who sign up for XTAGE will receive a wallet that can hold bitcoin, but the ability to transfer funds to another wallet will not be available at launch. According to reports, XP will add the transfer feature later.
BitGo will be XP's custodial partner, and most of the assets will be housed in cold wallets, according to Rabechini, which will boost the platform's security.