Brazil’s Largest Independent Broker Is Launching a Crypto Exchange

Brazil’s Largest Independent Broker Is Launching a Crypto Exchange

Bloomberg said on Thursday that the parent company of Brazil’s largest independent broker is establishing cryptocurrency exchange.

Grupo XP, the owner of the brokerage firm XP Investments, has planned to launch the platform in the “coming months”, and said it will support business in bitcoin and Ethereum.

However, despite a significant step, the firm seems slightly reluctant to dip his toe in the crypto water.

The firm’s executive officer, Guilherme  Bechimol, speaking in a program in Sao Paulo said:

“I have to admit, this is a topic that I did not exist, but it does. We felt obliged to move forward in this market.”

Benchimol was quoted as saying that the firm decided to launch exchange with XDEX – because 3 million or even Brazilian people already have some bitcoins, while around 600,000, have holdings in stocks.

Grupo XP comes in step as the environment for the crypto exchanges in the country can easily be done.

Brazilian Antitrust Watchdog said this week that it is investigating whether the country’s major banks work together to prevent cryptocurrency-centered firms to stop the services.

As reported by CoinDesk, the Administrative Council for Economic Defense said it was investigating the Banco do Brasil, Banco Santander Brasil, Banco Inter and others for shutting down crypto platforms’ accounts.


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