On August 15, XP, Brazil’s biggest brokerage firm, announced the launch of its own crypto exchange trading platform named XTAGE, with a focus on bringing millions of users to Bitcoin and Ethereum trading.
In the coming months, XP is planning to add more than 3.6 million users to BTC and ETH and sees 200,000 customers coming to join the new offering.
However, the new trading platform of the brokerage firm is made in a joint collaboration with Nasdaq and will also incorporate stock trading and forex trading.
The XP trading platform comes at a time when the crypto market is expecting a recovery from the crypto crash.
BTG Pactual, another Brazilian conglomerate and the biggest investment bank in Latin America, also launched its new trading platform under the name Mynt. BTG Pactual has over $200 billion in assets.
Brazilian-based Bitcoin exchange, Mynt, offers bank customers access to Solana, Ethereum, Bitcoin, Cardano, and Polkadot trading. The exchange enables customers to trade the following cryptocurrencies with a minimum of 100 Brazilian reals (100 Brazilian reals roughly equals $19.44).
The crypto offerings provided by the banks also incorporate papers and videos, helping the users to understand the investment.
Marcus Sotiriou, a GlobalBlock analyst, provided insight on the double move of the firms by commenting, “efficient exchange of value which blockchain technology provides.”
Moreover, the analyst on August 16 shared via a note that the adoption of blockchain technology by institutional firms demonstrates how “incredible and more advanced” crypto technology is in comparison to the current financial system.