XP Inc – a brokerage in Brazil – allows it Clients to invest in cryptocurrency, which indicates that despite the collapse in prices in recent months, these new assets are still more popular and in demand than ever before. At the time of writing, the company will only offer access to both Bitcoin and Ethereum, although executives say they have every intention of expanding their listings by the end of the year.
XP Inc allows users to trade cryptocurrency
Lucas Rapicini – the chief executive officer behind XP Inc – commented in an interview that, initially, access to cryptocurrency was a strange thing reserved for company employees only, even though they felt they were missing out on a potential business opportunity by not letting customers in to digital. Coin fun. He also said that currently, only investors who have certain amounts in their name can participate in cryptocurrency trading.
This move is unusual in some ways considering that the crypto space hasn’t been doing well lately. The cryptocurrency arena has suffered like never before, with the entire industry losing trillions in valuation and Bitcoin dropping more than 70 percent from its all-time high last November. At the time, the cryptocurrency was trading at around $68,000 per unit, although the asset is now struggling to maintain a low price of $20,000.
Rapicini says his company has 3.6 million customers and they plan to list 10 additional coins by December of this year. He has chosen not to focus on the weak numbers of the past few months and does not believe that they will lead to a major doom for the industry in the future. He commented that his company has a long-term focus:
You could say “volume was poor, there will be few orders”, but we see this market grow systematically over time, and our long-term view focuses not only on price, but also on technology.
This new technology, which his company is calling Xtage, will allow traders to participate in cryptocurrency transactions at an “ultra-fast” rate and allow XP Inc to compete with Nasdaq in terms of the speed of item settlement. Testing of this technology first began in early July of this year.
Rapicini ended his speech by saying:
There are competitors doing their homework, some very qualified, but we are also qualified.
Brazil has become a financial hotspot
His comments relate to several leading financial institutions in Brazil and the surrounding regions, as well as open their doors to crypto assets.
Companies like Nubank, for example, have announced crypto custody services for their clients, while BTG Pactual and Itau Unibanco have also stated that they will allow cryptocurrency to be traded within their limits — a growing testament to the power and popularity that continues to permeate the digital currency arena.
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