XP Grupo, the largest Brazilian broker company, has announced the launch of its own cryptocurrency exchange.
Brokerage firm Grupo XP, which owns XP Investimentos SA company, has announced the launch of a cryptocurrency market in coming months. According to one of the company representatives, platform will support trade of Bitcoin and Ethereum.
However, despite the decision, Grupo XP doesn't seek to fully immerse itself in the cryptocurrency space. Speaking at event in Sao Paulo, Guilherme Benchimol, firm's executive officer, said:
"Honestly, I'd prefer to ignore this issue. However, we felt we should start promoting in this market".
Benchimol also noted that company took a decision on launching a cryptocurrency exchange because of three million Brazilians, who owns bitcoins. Traditional securities hold much less popularity — they are used by only about 600 thousand citizens of the country. Moreover, creation of more favourable environment for the cryptocurrency exchange is expected in Brazil in the near future.
This week the antimonopoly service of Brazil said about research on activities of major banks, that terminated their partnerships with companies, focused on cryptocurrencies.
Earlier, the administrative council for economic protection conducted an investigation, concerning closure of several other cryptocurrency platforms' accounts by banks, such as Banco de Brasil, Banco Inter, Banco Santander Brasil etc.