Grupo XP, Brazil's largest independent brokerage, is jumping on the cryptocurrency bandwagon despite a certain reluctance. The company is launching an exchange for Bitcoin (BTC) and Ethereum (ETH) trading in the coming months, Bloomberg reported on Friday, citing Grupo XP CEO Guilherme Benchimol.
The platform will be called XDEX, possibly indicating its decentralized nature, and will be set apart from Grupo XP’s other brokerage operations. Starting with around 40 employees, the new business will be run by Thiago Maffra.
Speaking at an event in Sao Paulo, Benchimol said the decision to venture into the crypto field comes in response to growing investor interest. He noted that around three million Brazilians have exposure to Bitcoin compared to ...
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