XTAGE will launch in Q2 2022 and will be fully integrated into the XP Inc ecosystem, the largest investment brokerage in Brazil with more than 3.5 million clients and $168 billion assets under custody.
It has been reported that XP stated that the exchange will initially offer the purchase and sale of cryptocurrencies, but the intention is that the platform will also support other digital assets and investment products based on crypto assets.
Lucas Rabechini, the Director of Financial Products at XP, said:
"The creation of XTAGE represents an important milestone in advancing the digital asset market and our ability to offer investors greater access to the digital asset ecosystem. Through the technology partnership with Nasdaq, we are confident that XP will operate on an innovative and robust infrastructure."
Roland Chai, the Executive Vice President and Head of Market Technology Infrastructure at Nasdaq, highlighted that Nasdaq's partnership with XP will open new opportunities for companies and investors.
However, this is not the first time that NASDAQ has partnered with a Brazilian company in the cryptocurrency market. In 2019, the American company partnered with Hashdex to launch the world’s first Bitcoin Spot ETF. In the case of XP, this is also not the first time that the company has sought to launch a company focused on the cryptocurrency market.
Thus, in 2018, the company had launched a platform for trading cryptocurrencies called XDEX, however, this ended up being closed in March 2020, just before Bitcoin’s most recent bull run.