Largest Brazilian Brokerage Is Getting into Crypto By Launching Exchange for Bitcoin and Ethereum

The largest Brokerage in Brazil Grupo XP, owner of XP Investimentos is launching an exchange for Bitcoin(BTC) and Ethereum(ETH) trading in the near future, according to a report by Bloomberg.

Grupo XP which is a behemoth in Brazil’s financial market with several products is now venturing into Cryptocurrencies due to the demand in the sector. CEO of Grupo XP Guilherme Benchimol told Bloomberg that the exchange will be called XDEX and will enable Bitcoin and Ethereum trading.

He says that a whopping 3 Million people have exposure to Bitcoin as opposed to just 600,000 in stocks. The group had announced the launch of an OTC desk back in April, the outfit was registered as XP COIN INTERMEDIACAO in August, which is now rebranded to XDEX.

Guilherme told Bloomberg:

“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 CEO also said the company has plans to open a bank in the next few months, and aim to have a volume of 1 Trillion Reais ($245 Billion) in custody by 2020. It plans to have one-fourth of that volume by this year end itself.

Although Brazil does not have clear regulations on Crypto trading, there has been a surge of interest by the citizens. Various government bodies have also started looking to guide fund managers to participate in the industry. The central bank of Brazil is clearly interested in implementing Blockchain technology but is against Cryptocurrencies.

Also read:

Presidential candidate of Brazil promises to make Bitcoin (BTC) a legal currency in Brazil

Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.