The largest Brazilian financial group will own the crypto currency exchange

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The largest Brazilian financial group will own the crypto currency exchange

If there were a challenge prize for the most original comment about the expansion plans on the stock market after the release of this news he went to the Brazilian Grupo XP.

In the part of Grupo XP in the coming months there will be a crypto currency exchange where users can buy and sell bitcoin and ether. This was reported by Guilherme Benchimol, CEO of XP Investimentos SA, an investment company, also a member of the group.

“I must admit, personally, I’d rather this topic didn’t exist, but it exists, he added. And we realized we have to expand in this market”.

The exchange will operate as separate divisions of the group are called XDEX. It has a staff of 40 employees.

Recognized need to develop a new line of business is explained simply. In Brazil, the audience of potential customers conventional investment firms and funds is estimated at 600 thousand people, while in the operations with cryptocurrency are already involved three million.

As previously mentioned Hash#Telegraph, Brazil in its nature, is one of the fastest growing cryptocurrency markets in Latin America. There has never been any large middle class that would be interested in the services of investment companies and banks.

Therefore, the money of retail investors, previously stored in mattresses, migrate from the crypt, bypassing stock exchanges and banks. The latter, understandably, not happy about this development, and tried to block the work CryptoStream, refusing to allow them to open accounts or closing existing accounts.

The confrontation resulted in the investigation initiated by the Administrative Council for the protection of the economy (CADE) initiated in response to the appeal of the Brazilian Association of the blockchain and cryptocurrency (ABCB), has repeatedly complained of bankers, monopolists.

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