Brazil’s Leading Brokerage Firm Goes Into Crypto Trading

Sep 24, 2018 at 21:47

It is not something it had hoped to do but Grupo XP, the biggest independent brokerage firm in Brazil, is planning to launch an cryptocurrency exchange in the coming months.

The new business venture was announced by Grupo XP’s chief executive officer Guilherme Benchimol at a recent event in Sao Paulo, Bloomberg reported.

He said the brokerage firm has taken note of 3 million Brazilians with Bitcoin investments, versus the 600,000 with stocks.

“I must confess, this is a theme I’d rather didn’t exist, but it does,” Benchimol said. “We felt obligated to start advancing in this market.”

The cryptocurrency exchange will be called XDEX, which will be separate from its other brokerage businesses. The new business will have 40 employees and will be led Thiago Maffra.

Grupo XP’s plans coincides with the release of regulations from authorities, allowing cryptocurrency investments from abroad but with limitations.

This new venture is part of the brokerage firm’s target of 1 trillion reais ($245 billion) under its wing by 2020.

Apart from the crypto exchange, it also plans to launch a bank in the next few months, Benchimol said.