- Brazilian financial services company XP Inc. launched its cryptocurrency trading platform XTAGE on Monday
- XTAGE, built on Nasdaq’s trading technology, also integrates with MetaTrader 5, a forex and stock trading platform.
- Most of XTAGE’s assets will be retained offline by BitGo.
XP Inc., a Brazilian financial services giant with over 3.6 million clientele, disclosed on Monday that its cryptocurrency trading platform XTAGE is now available to consumers.
The Nasdaq Exchange Twitter account made the announcement, noting that XP had rang the exchange’s “Opening Bell” to commemorate the debut of the XTAGE digital assets trading platform.
.@xpinvestimentos joins us for the Opening Bell to celebrate the XTAGE digital assets trading platform.
Leveraging @NasdaqExchange’s technology, XTAGE represents a key milestone in democratizing access to the digital assets market in Brazil. pic.twitter.com/DS3RXtWVpb
— Nasdaq Exchange (@NasdaqExchange) August 15, 2022
XTAGE was built in collaboration with major American stock exchange Nasdaq and crypto custody provider BitGo to enable users to trade cryptocurrencies without leaving the XP ecosystem.
Initially, XP Inc’s 3.6 million customers would be able to trade Bitcoin (BTC) and Ethereum (ETH).
Nonetheless, only users with an “adequate investment profile for such operations” would be permitted onto the XTAGE platform, as XP Director of Financial Products Lucas Rabechini noted in a July interview.
XTAGE, which is based on Nasdaq trading technology, also integrates with MetaTrader 5, a forex and stock trading platform.
The majority of XTAGE’s assets will be held in offline wallets by crypto custody firm BitGo.
XTAGE “represents a key milestone in democratizing access to the digital assets market in Brazil,” according to a press release issued by XP on May 12, and is “uniquely positioned to flexibly scale as it grows and introduces new products and services.”
Back then, Roland Chai, Nasdaq’s Executive Vice President and Head of Market Infrastructure Technology, said:
“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. “
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