Brazil’s largest brokerage XP Investments has announced the launch of a crypto trading platform.
Named XTAGE, the platform is built on the training technologies of the American stock exchange Nasdaq and will also have integration with MetaTrade 5, a forex and stock trading pool.
“The system will work 24 hours a day allowing customers to use proprietary algorithms and robots to buy and sell Bitcoin and Ethereum via XTAGE. In addition, there will also be a partnership with Nelogica to use the Profit system”, according to a statement.
XP financial products director Lucas Rabechini said: “Over the next few months we will add even more functionality to the platform.
“Our expectation is to have 200,000 active customers by the end of 2022. But, in the medium and long term, the potential is enormous.”
Currently, XP has more than 3.6 million customers and is the latest Brazilian fintech play to offer crypto trading services, following in the footsteps of large local player PicPay, who announced its plans to launch a crypto exchange in July.
Brazil’s largest digital bank Nubank and Latin American E-Commerce Giant MercadoLibre also both reported over one million users on their crypto trading platforms.
Such successes have encouraged XP to expect big things from its new venture into the digital asset space.