Largest Brokerage Firm in Brazil to Launch Exchange for Bitcoin and Ethereum

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The largest independent brokerage in Brazil, Grupo XP, has publicly released its plans to launch a Bitcoin and Ethereum trading platform before the end of 2018.

Bloomberg says in a Sept 21 report that the company’s CEO, Guilherme Benchimol, revealed plans for the exchange at an event in Sao Paulo. Benchimol said the decision to venture into the crypto field comes in response to growing investor interest, noting that around three million Brazilians have exposure to bitcoin versus just 600,000 that invest in stocks.

XP has established a goal of having $1 trillion reais ($245 billion) under custody by the year 2020, which is four times what the company sought to raise by the end of this year. Additionally, XP would also launch a bank in the next few months.

The exchange, which will be set apart from XP’s other brokerage businesses, is going to be run by Thiago Maffra. It will be called XDEX and have around 40 employees.

The surprising decision of Grupo XP is particularly monumental for the South American cryptocurrency...

Read More: https://news.bitzamp.com/largest-brokerage-firm-in-brazil-to-launch-crypto-exchange-for-bitcoin-and-ethereum/