XP Inc. announced this Thursday (12) the launch of XTAGE, its own platform for trading cryptocurrencies, in partnership with Nasdaq. It will be integrated into the XP application, should be 100% operational by the end of June and, initially, will bring the possibility of trading Bitcoin (BTC) e Ethereum (ETH).
The company says the trading platform will be fully integrated into the XP ecosystem, allowing clients to invest in digital assets without friction with the services they are already used to. In addition, the crypto wallet will be integrated with the user’s other investments.
Bruno Constantino, CFO of XP, says that “at the time of launch, our 3.5 million customers will have access to the trading platform directly from the app they are already familiar with” and that “access to trading will later be extended to new investors as the platform to grow”.
Internal company surveys showed that more than 60% of customers are interested in buying crypto assets, and among those who already invest, more than 80% would like to trade with XP.
Initially, the platform will offer trading of the two largest cryptocurrencies on the market, Bitcoin and Ethereum, but the company says in a note that in the medium term the intention is to “expand its offer to include various types of digital assets, as trends change.” market and investor appetite evolve.
Director of financial products at XP, Lucas Rabechini says that although the range of digital assets is very high, it takes diligence to choose and make safe assets available to clients. Asked about the fee, Rebechini said that the company is still in final studies on the amounts that will be charged to customers. “But I can guarantee that we will have super competitive rates”.
XTAGE should be 100% operational by the end of June, and the customer’s “wallet” (its crypto wallet) will be integrated and held by XP (in the future, the client may transfer it if interested). Rabechini says that XP hired BitGo to store the assets and that most of it will be stored in “cold wallets” to increase the security of the platform.
Recent cryptocurrency crash
Asked about the recent drop in the price of cryptocurrencies (and whether this could affect customer interest in the product), XP CFO Bruno Constantino stated that “where is the market? [em termos de precificação] is irrelevant to the launch of the exchange”.
“It’s a very long-term project, and the potential is huge. The timing of the launch is linked to the development of a platform with security, scalability and speed for the client”, says the CFO.
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“We don’t look at the variation of the last three months. We think about the next five, ten years – and how big this market can be”, adds the director of financial products, Lucas Rabechini. “We think long term, otherwise we would not partner with Nasdaq.”
Partnership with Nasdaq
“At XP, we have the great mission of democratizing access to digital assets, providing investors with a broad and diversified portfolio of financial products that are at the forefront of global innovation”, says Rabechini. “Through the technology partnership with Nasdaq, we are confident that XP will operate on an innovative and robust infrastructure.”
Roland Chai, executive vice president and head of market technology infrastructure at Nasdaq, said in the statement that the partnership with XP will be important to expand access to crypto and open up new opportunities for investors.
“Nasdaq’s robust and flexible infrastructure technology, designed to meet market demands as well as current and future regulatory frameworks, will allow XP to reliably scale its platform and introduce new asset classes as it grows and evolves.” says Chai.
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