XP Grupo, the largest independent brokerage company in Brazil, announced plans to launch a cryptocurrency trading platform by the end of 2018.
Guillermo Benchimol, CEO of Grupo XP and XP Investimentos SA, said that in the near future, Grupo XP integrates trade bitcoin and Ethereum in the existing brokerage infrastructure. A new exchange will be called XDEX, and its staff is 40 people. It is known that around 3 million Brazilian nationals interested in investing in cryptocurrencies.
In the official press release from the CEO of Grupo XP stressed that he personally is not a fan of cryptocurrency and does not consider them as a means to preserve capital. However, Benchimol said that the company feels obliged to proceed with the promotion on the market of digital assets, because ultimately, both banks and investment companies are required to meet the needs of their customers.
“I must confess that I am not a fan of bitcoin and other cryptocurrencies. But we still feel that we should as soon as possible to start working on the market of digital assets,” said Benchimol.
As previously reported, on September 20, the Brazilian government and its anti-monopoly service began a formal investigation in respect of banks and leading financial institutions in the country to monopolistic practices against cryptocurrency companies, after receiving complaints about the termination of the banking service of cryptocurrency exchanges.
We will remind, recently the presidential candidate of the New Party of Brazil Joao Амоêдо announced his position and optimistic about the blockchain innovation and the viability of the cryptocurrency bitcoin as a legitimate method of payment. Амоêдо sure that the use of the blockchain in government institutions will improve the transparency of documentation and reporting, property registration and recognition of signatures.