- Brazil’s largest brokerage firm XP has announced its crypto trading platform called XTAGE.
- The company has partnered Nasdaq to offer Bitcoin and Ethereum trading.
- Latin America conglomerate BTG Pactual also launched a crypto exchange dubbed Mynt to offer its clients direct exposure to Bitcoin.
Brazil is seeing a major shift in gears when it comes to crypto adoption, with key developments currently being a move by two of the country’s behemoths warming up to the crypto revolution.
Brazilian giants announce crypto trading services
XP, Brazil’s largest brokerage firm, on Monday announced the launch of its crypto trading platform XTAGE, targeting to bring Bitcoin (BTC) and Ethereum (ETH) trading to millions of customers.
The firm, currently counting more than 3.6 million customers, plans to add to BTC and ETH within the next several months and sees over 200,000 users jumping onto the new offering.
The Brazilian giant’s new crypto product is a collaboration with Nasdaq, and will also include forex and stock trading.
Meanwhile, with the XP project coming into the market amid expected recovery for the crypto industry following the bear market crash, another Brazilian conglomerate signals growing institutional interest.
BTG Pactual, Latin America’s largest investment bank with over $200 billion in assets, has also launched a cryptocurrency trading platform. Dubbed the Mynt, the Brazil-based Bitcoin exchange offers the bank’s customers access to Bitcoin, Ethereum, Solana, Polkadot and Cardano trading.
Customers will be able to trade these crypto assets with a minimum of 100 Brazilian reals (roughly $19.44).
According to the bank, their crypto offerings will also include educational content via video or papers to help customers understand the investment.
Commenting on the double move, GlobalBlock analyst Marcus Sotiriou said it points to the “efficient exchange of value which blockchain technology provides.”
In a note shared on Tuesday, the analyst said the continued adoption across traditional firms shows how “incredibly more advanced” the crypto technology is compared to current financial systems.