Nasdaq partners with XP to produce cryptocurrency exchange in South america

XP informed Cointelegraph that XTAGE will launch in Q2 2022 and will also be fully built-into the XP Corporation ecosystem — the biggest investment brokerage in South america using more than 3.5 million clients and $168 billion assets under child custody.

XP mentioned the exchange will initially provide the purchase and purchase of cryptocurrencies, however the intention would be that the platform may also support other digital assets and investment products according to crypto assets.

“The development of XTAGE represents an essential milestone in evolving digital asset market and our capability to offer investors greater accessibility digital asset ecosystem. With the technology partnership with Nasdaq, we’re certain that XP will work on a cutting-edge and powerful infrastructure,” stated Lucas Rabechini, director of monetary products at XP.

Roland Chai, executive v . p . and mind of market technology infrastructure at Nasdaq, highlighted that Nasdaq’s partnership with XP will open new possibilities for businesses and investors.

This isn’t the very first time that NASDAQ has partnered having a Brazilian company within the cryptocurrency market. In 2019, the American company partnered with Hashdex to produce the world’s first Bitcoin Place ETF.

Within the situation of XP, this is not the very first time that the organization has searched for to produce a business centered on the cryptocurrency market. Cointelegraph wrote in 2018 that the organization had launched a platform for buying and selling cryptocurrencies known as XDEX, however, this became closed in March 2020, right before Bitcoin’s newest bull run.

Hot cryptocurrency market in South america

Nubank, the biggest digital bank in South america and South America, recently announced it has partnered with Paxos to permit the bank’s people to buy, sell and store cryptocurrencies directly through Nubank.

Combined with the launch from the new cryptocurrency transaction services, Nubank stated that it’ll allocate roughly 1% of their internet assets to Bitcoin (BTC) with the cashier of Nu Holdings — a business that controls the Nubank Group.

Another Brazilian bank which will offer Bitcoin investment services to the customers is BTG Practual. The bank’s president, Roberto Sallouti, lately announced the bank will launch its very own crypto exchange in roughly two several weeks, stating:

“We’ll have our cryptocurrency buying and selling platform in as much as two several weeks [..] BTG’s proposal is to possess a complete investment platform for the clients.”

XP Corporation announced on Thursday it promises to launch a cryptocurrency exchange known as XTAGE in South america together with Nasdaq.

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