On Monday (July 25), Reuters reported that Brazilian financial services giant XP Inc. (NASDAQ: XP) “expects to open its digital assets trading platform to clients by mid-August, initially offering bitcoin and ether but with plans to expand it by the end of this year.”
As you may remember, on May 12, CoinDesk reported that XP planned to launch a crypto trading platform by the end of June. This new platform — which is named XTAGE — would be “built on major American stock exchange Nasdaq’s trading technology”. The report also mentioned that BitGo would be the custody provider.
According to XP’s press release, XTAGE “represents a key milestone in democratizing access to the digital assets market in Brazil” and is “uniquely positioned to flexibly scale as it grows and introduces new products and services.” It went on to mention that the platform was “expected to be operational by the end of the second quarter of 2022.”
Roland Chai, Executive Vice President and Head of Market Infrastructure Technology at Nasdaq, had this to say back then:
“We are pleased to partner with XP as they advance on their digital assets strategy. The technology partnership between Nasdaq Market Technology and XP is a foundational pillar in their expansion into digital assets and will open up new opportunities for investors.
“Nasdaq’s robust and flexible infrastructure technology, designed to meet market expectations as well as current and future regulatory frameworks, will enable XP to reliably scale their platform and introduce new asset classes as they grow and evolve. We look forward to continuing our technology partnership with XP as they bolster their offerings and further innovate the digital assets ecosystem and beyond.“
The press release also mentioned that the trading platform would be “fully integrated into XP Inc´s ecosystem, giving customers a frictionless process to invest using existing XP services.”
Lucas Rabechini, Director of Financial Products at XP Inc. told Reuters during an interview that clients with an “adequate investment profile for such operations” will be able to use the XTAGE platform — which is currently being tested by XRP’s employees — starting in August. Rabechini later added that by the end of the year there would trasing support for 10 cryptoassets.