Cryptocurrency adoption will likely experience a surge in the coming months. In a recent announcement, it was said that Brazil’s biggest independent brokerage will join the crypto market and will soon be launching a trading platform for Ethereum and Bitcoin, which will give its existing massive client base access to cryptocurrency trading.
Brazil’s Biggest Brokerage Enters the Crypto Market
Brazil’s biggest independent brokerage, Grupo XP, will be launching a trading platform for Bitcoin and Ethereum in the coming months, according to a Bloomberg report. The announcement was made by its chief executive officer, Guilherme Benchimol, during a Sao Paulo event.
According to an article on Yahoo Finance, this crypto trading platform will be integrated into the brokerage’s existing infrastructure. This will give Grupo XP’s customers access to the crypto market, allowing them to also invest in this new asset class.
The new exchange will be called XDEX and will be headed by Thiago Maffra. It will operate independently from XP’s brokerage businesses and will initially have 40 employees.
XDEX Is Targeting $245 Billion in Two Years
Despite his announcement of the group’s new venture, Benchimol admitted that he is not a fan of cryptocurrencies. However, he had to shelve this reluctance given the massive interest toward digital coins that potential investors have shown recently. Seeing this massive demand, Grupo XP had no choice but to enter into the crypto business. Benchimol 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.”
According to Benchimol, around three million Brazilians have already invested in Bitcoin. For comparison, only around 600,000 have investments in stocks, which shows the overwhelming appetite of his countrymen for digital currencies.
Given the sector’s massive potential, Benchimol likewise revealed Grupo XP’s ambitious target, which he hopes to achieve in two years. The CEO said that by 2020, they expect XP to have 1 trillion reais or $245 billion under custody.
Grupo XP’s Brazilian Clients Will Soon Have Access to Cryptocurrency Trading was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.