Posted on

Brazil’s Grupo XP Plans Launch of BTC and ETH Exchange

486 Views
0 Total shares
Grupo XP,Brazil,cryptocurrency

Brazil’s largest brokerage agency, Grupo XP, plans to enter the crypto space. It will launch an exchange for Bitcoin (BTC) and Ethereum (ETH) according to a report published on September 21.

XDEX, BTC and ETH Exchange

Guilherme Benchimol is the Chief Executive Officer of Grupo XP. The CEO said that the company plans to launch its exchange called XDEX soon. It will have nearly forty employees.

The company, Grupo XP, is considered the biggest financial group in Brazil. Specifically, it consists of several companies with various business models.

Grupo XP aims to have $1 trillion reais ($245 billion) in its possession by the year 2020. This is four times the amount that the company expects to raise by the end of this year.

Moreover, Grupo XP plans to launch a bank in the next few months.

The CEO said that he “must confess, this is a theme I’d rather didn’t exist, but it does.”

He said “we felt obligated to start advancing in this market.” Benchimol also said that the company is seriously considering the crypto business owing to the popularity of cryptocurrencies among investors.

According to reports by Grupo XP, as many as 3 million Brazilians are exposed to Bitcoin. However, this is in stark contrast to only 600,000 individuals that invest in the stock market.

Grupo XP plans to launch an OTC BTC exchange

Grupo XP first registered what it called XP COIN INTERMEDIACAO in August 2017. However, later in that year, the company re-branded to form XDEX after a capital injection of 5 million reais (about $1.5 million).

The Administrative Council for Economic Defense (CADE) of Brazil began its probe into six major national banks. This was pertinent to the alleged monopolistic practices in the crypto space.

A CADE report said, “the main banks are imposing restrictions or even prohibiting … access to the financial system by cryptocurrency brokerages.”

Furthermore, the banks claim that they closed the brokers’ accounts due to the absence or lack of client data.

 

 

Want the latest crypto news? Join our Telegram Channel

Daily updates