Largest Brokerage Firm in Brazil to Launch Crypto Exchange for Bitcoin and Ethereum

Largest Brokerage Firm in Brazil to Launch Crypto Exchange for Bitcoin and Ethereum

cryptocurrency exchange News
September 24, 2018 by Jane
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The largest independent brokerage in Brazil, Grupo XP, has publicly released its plans to launch a Bitcoin and Ethereum trading platform before the end of 2018. Bloomberg says in a Sept 21 report that the company’s CEO, Guilherme Benchimol, revealed plans for the exchange at an event in Sao Paulo. Benchimol said the decision to venture
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The largest independent brokerage in Brazil, Grupo XP, has publicly released its plans to launch a Bitcoin and Ethereum trading platform before the end of 2018.

Bloomberg says in a Sept 21 report that the company’s CEO, Guilherme Benchimol, revealed plans for the exchange at an event in Sao Paulo. Benchimol said the decision to venture into the crypto field comes in response to growing investor interest, noting that around three million Brazilians have exposure to bitcoin versus just 600,000 that invest in stocks.

XP has established a goal of having $1 trillion reais ($245 billion) under custody by the year 2020, which is four times what the company sought to raise by the end of this year. Additionally, XP would also launch a bank in the next few months.

The exchange, which will be set apart from XP’s other brokerage businesses, is going to be run by Thiago Maffra. It will be called XDEX and have around 40 employees.

The surprising decision of Grupo XP is particularly monumental for the South American cryptocurrency market because it comes at a time in which the government of Brazil has taken its first approach towards legitimizing the market with stable financial services and banking partners.

With support from the government and the country’s largest investment firm involved, in the next few months, the cryptocurrency market of Brazil will likely see an emergence of exchanges that are capable of providing services that were not available to the population less than nine months ago.

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