Grupo XP, the largest independent brokerage company in Brazil, publicly announced its plans to launch the Bitcoin and Ethereum trading platform by the end of 2018.
Starting from the statistics, about three million Brazilians are somehow connected with bitcoin or other currencies, while only 600,000 have invested in traditional securities. This is what prompted the company to enter the digital assets market.
Guilherme Benchimol, chief executive officer of Grupo XP and XP Investimentos SA, noted that the business integrates the crypto currency into the existing infrastructure of the brokerage company, allowing more than three million investors in the country to work with this asset class. The platform, which was called XDEX, will exist and function separately from the brokerage company. Also, at the moment it is already known, the stock exchange will include about 40 people, and on the main account it will have approximately $ 245 billion.
This Grupo XP solution is especially significant for the South American cryptocurrency market, as it was at the time when Brazil was making its first attempts to legitimize the market with stable financial services and banking partners.
With the support of the government and the largest investment firm in the country in the next few months, the Brazilian cryptocurrency market is likely to see users with new products and companies capable of providing services that were not available to the public a couple of months ago.