Grupo XP – Brazil’s Biggest Independent Broker – Is Launching a Digital Currency Exchange

The parent firm of the largest independent broker in Brazil is planning to launch a digital currency trading platform in the country – according to Bloomberg. Grupo XP – which owns brokerage company XP Investimentos – is setting up a digital currency trading platform which would be launched in the coming months. According to the news source, the new exchange will support trading in Bitcoin (BTC) and Ethereum (ETH).

Guilherme Benchimol’s Remark

Nevertheless, irrespective of the notable move, the company seems a little bit unenthusiastic to dip their toes in the waters of digital currency. Speaking at an event in Sao Paulo, Guilherme Benchimol – the chief executive officer of the firm – said: “I must confess, this is a theme I’d rather didn’t exist, but it does. We felt obligated to start advancing in this market.”

The CEO of the firm was quoted as saying that the company made the verdict to launch a digital currency trading platform – which they dubbed XDEX – because over 3,000,000 Brazilians have already invested in Bitcoin (BTC), while way lesser than about 600,000 have holdings in stocks.

The move by the largest independent broker in Brazil comes as the ecosystem for digital currency trading platforms in Brazil may be about to ease. The antitrust watchdog in Brazil said earlier this week that it is investigating if top banks in the country worked together to halt services to digital currency-focused companies.

The Administrative Council for Economic Defense said it was investigating the Banco Santander Brazil, Banco do Brazil, Banco inter and other banks for shutting down the accounts of digital currency trading platforms.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)

At the time of writing, Bitcoin (BTC) is trading at $6,720 after an increase of more than 2.5 percent over the past twenty-four hours. The digital currency currently has a market cap of $116.13 billion and its trading volume over the past twenty-four hours is $6.44 billion.


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