XP Investimentos, Largest Broker In Brazil, Launches Its Own Crypto Exchange

Sep 22, 2018 at 08:37 Update Date :Feb 27, 2019 at 07:46 UTC

The parent organization of Brazil’s biggest autonomous broker is setting up a digital money trade, Bloomberg revealed on Thursday.

Grupo XP, the parent organisation of XP Investimentos SA, is propelling an exchange for Bitcoin and Ethereum exchanging in the coming months, Chief Executive Officer Guilherme Benchimol said at an occasion in Sao Paulo. Around 3 million Brazilians have exposure to Bitcoin, compared with just around 600,000 that put assets into stocks, as indicated by him, pushing the firm to venture into the business.

Guilherme Benchimol, the firm’s executive officer, stated:  

“I must confess, this is a theme I’d rather didn’t exist, but it does. We felt obligated to start advancing in this market.”

The move by Grupo XP comes as the earth for crypto trades in the country might be going to ease.

The exchange, which will be separate from XP’s other financier organizations, will be controlled by Thiago Maffra. It will be called XDEX and have around 40 workers.

This week, Brazilian regulators have released a set of rules that enable funds to invest into crypto-resources abroad, with a few impediments. Previously, Brazil’s Central bank Cheif Ilan Goldfajn has compared cryptocurrency with a Ponzi scheme and a bubble.

According to a report, XP intends to have 1 trillion reais ($245 billion) under custody by 2020, four times what it hopes to have by year-end. Benchimol said that the brokerage is also going to launch a bank in the next few months.

The firm extended quickly in the recent years by offering on-line investment stages to Brazil’s developing middle class. Banking giant Itau Unibanco Holding SA consented to buy a minority stake in the organization a year ago, a deal that valued it at 12 billion reais.

The Administrative Council for Economic Defense said it was exploring the Banco do Brasil, Banco Santander Brasil, Banco Inter and others for closing down crypto platforms’ accounts.


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