• XP, Brazil’s largest broker, intends to let its 3.5 million customers to trade bitcoin and other cryptocurrencies.

    Nasdaq collaborated with XP to develop the XTAGE trading platform, which is set to be released in June.

    BitGo will be XP’s custodial partner, storing the majority of bitcoin and other assets in cold storage for security reasons.

    XP, Brazil’s largest broker by market capitalization, intends to establish a cryptocurrency trading platform that will enable consumers to purchase, trade, and hold bitcoin and other cryptocurrencies.

    The platform, dubbed XTAGE, was created in collaboration with Nasdaq and will be integrated into the XP app, with an expected launch date near the end of June. Initially, XTAGE will only be available for bitcoin and one other cryptocurrency.

    “Nasdaq’s robust and flexible infrastructure technology, designed to meet market demands, as well as current and future regulatory structures, will allow XP to scale its platform reliably and introduce new asset classes as they grow and evolve,” Assist Roland Chai, Nasdaq’s executive vice president and head of market technology infrastructure.

    Cryptocurrency portfolios will be integrated with other investments on the app, allowing clients to interact with the interface they are currently familiar with without friction. This feature will make bitcoin available to XP’s 3.5 million clients.

    According to an internal XP poll, more than 60% of its clients are interested in purchasing bitcoin and other cryptocurrencies, and of those who are presently investing in these assets outside of XP, 80% would like to use a trading platform built by XP.

    Lucas Rabechini, XP’s director of financial products, was reportedly asked about fees related with utilizing the platform and stated that his consumers will “have incredibly competitive rates.”

    Customers that use XTAGE will have a wallet that can hold their bitcoin, but the ability to move coins to another wallet will not be available at launch. The transfer functionality will apparently be available in XP at a later date.

    BitGo will be XP’s custodial partner, and the majority of assets will be housed in cold wallets, which Rabechini claimed will boost the platform’s security.

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