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Brazilian Investment Brokerage XP (NASDAQ:XP) wants to allow its clients to trade digital assets on its Xtage platform as early as mid-August, Reuters reported on Monday, citing Lucas Rabechini, the company’s director of financial products a interview.
XP (XP) staff began testing Xtage a few months after its launch in May, around the same time Brazilian fintech NuBank (NU) offered its users Bitcoin (BTC-USD) and Ether (ETH -USD) on its platform, Reuters noted.
The company will initially allow its clients with an “adequate investment profile for such trades” to buy and sell Bitcoin (BTC-USD) and Ethereum (ETH-USD) and plans to expand its product offering by the end of 2022, Rabechini said quoted by Reuters.
Specifically, 10 more digital tokens will be available for trading “by the end of December and early next year,” Rabechini told Reuters.
XP (XP) did not immediately respond to a request for comment from Seeking Alpha.
The move comes as the cryptosphere faces a cyclical downturn given the impact of struggling crypto firms Celsius Network, Three Arrows Capital and Voyager Digital (OTCPK:VYGVQ), suggesting interest in the burgeoning space is still alive. Bitcoin (BTC-USD) in particular is offside 65% from its peak in November as investors shun riskier assets and move into safer ones like cash. In the last 24 hours, the token slips 3.7% to $21.9K from its all-time high of $68.89K.
However, Rabechini expects that the difficult market environment will not last forever. “One can say ‘volume has been weak, there will be few orders’, but we see this market systematically growing over time and our long-term view is not only focused on price but also on technology,” he told Reuters.
Previously, XP announced crypto trading platform Xtage.
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