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Laxman Pai, Opalesque Asia: Brazil's Largest Brokerage Grupo XP, the operators of XP Investimentos SA, is all set to launch their own Bitcoin and Ethereum cryptocurrency ecosystem with an exchange.
According to Bloomberg, the financial services company Grupo XP is launching a cryptocurrency exchange - dubbed XDEX - soon. Its CEO Guilherme Benchimol said that the company is being pushed towards cryptocurrency due to Bitcoin's huge popularity in the country.
The report said that there are around 3 million Brazilians exposure to Bitcoin and cryptocurrencies, but only 600,000 investing in stocks.
Looking at this statistic, venturing into the crypto market is the obvious step for the largest brokerage company in the country, even if they are reluctant. The CEO of Grupo XP was quoted as saying: "this is a theme I'd rather didn't exist, but it does…we felt obligated to start advancing in this market."
According to the Bloomberg report, the new crypto exchange will have around 40 employees headed by Thiago Maffra. The company reportedly aims to reach a market cap of 1 trillion reals (equivalent to $245 billion) by the end of 2020.
XDEX comes at a time when Brazil's government is strengthening cryptocurrency regulations by offering comprehensive frameworks outlining the tax laws surrounding the relatively new forms of currencies.
Sometime ago, Ilan Goldfajn, Brazil's central bank chief, described cryptocurrencies as a Ponzi scheme and a bubble.
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