As the crypto market expands, major investment companies over the globe are jumping into it. In the latest addition, Brazilian brokerage XP Inc which holds over $153 billion worth of assets under its management aims to launch its own digital platform.
XP inc plans to extend its services
According to Reuters, XP Inc looking to open its crypto platform by the mid of August. In the beginning, the firm will be offering Bitcoin (BTC) and Ethereum (ETH). However, it plans to expand its services by the end of this year.
In an interview, Lucas Rabechini, director of financial products at XP, said that clients having an adequate investment profile will be given permission to trade on Xtage platform. Meanwhile, the platform is open just for their employees.
XP in the second quarter report mentioned that its Assets Under Custody have jumped by 4% year over year. While a 3% drop has been registered quarter over quarter. The firm currently has a user base of over 3.6 million customers.
The firms highlighted that crypto trading services will be compiled with eligibility rules. This will also include an amount of risk each client is willing to take on. The official added that by the beginning of the year 2023, the platform will be operating additional 10 digital assets.
