Cryptocurrency acceptance has grown in Latin America, with two major financial institutions in Brazil announcing the launch of crypto trading platforms. Through a new agreement with Nasdaq, one of Brazil’s leading brokerages, XP, opened its crypto trading branch XTAGE on August 15.
BTG Pactual, Brazil’s largest investment bank, has also launched Mynt, a cryptocurrency trading platform. BTG Pactual lets customers exchange cryptocurrencies such as bitcoin and ether for as little as 100 Brazilian reals, currently equivalent to $19.42.
Brazil and Crypto
Brazilian lawmakers attempted to make cryptocurrency a legal “payment currency” in October 2021, with discussions still ongoing in the Brazilian legislature. Since then, Brazil has actively encouraged the 213 million living there to become interested in cryptocurrencies.
Brazil became a cryptocurrency hub as the world accepted Bitcoin and other cryptocurrencies. Many local banks have embraced cryptocurrencies by establishing cryptocurrency platforms. Furthermore, the launch of two of Brazil’s major brokers was a joy for the Brazilians.
Two of the first platforms to enter the cryptocurrency sector were MercadoLibre and Nubank. PicPay, another Brazilian financial firm, launched its Paxos-powered crypto trading platform in mid-August. Furthermore, it appears that Brazilians are heavily investing in cryptocurrencies.
Mercado Pago is one of Latin America’s largest online payment systems. Following the announcement of cryptocurrency integration in Brazil, these two major cryptocurrency brokers launched.
XTAGE Platform
According to Nasdaq’s official statement, the launch of XTAGE provides more than 3.5 million consumers with access to new financial opportunities by allowing them to buy, sell, hold, and trade Bitcoin and Ethereum. In addition, XP employees tested the cryptocurrency platform in May before integrating it into the brokerage.
According to Roland Chai, executive vice president of XP, Nasdaq’s dependable and adaptable network technology will meet market expectations. Furthermore, he guarantees that XP will reliably extend its platform and add new asset classes due to the regulatory frameworks in place now and in the future.
Mynt Platform
BTG Pactual’s new trading platform, Mynt, will give customers direct access to bitcoin, making it one of the country’s leading financial institutions to do so. Furthermore, when customers open an account with the investment bank, which now has more than $200 billion in assets, they will all have access to bitcoin-related educational materials. Of course, who will back Mynt and act as bitcoin’s administrator is still unknown.
Mynt users will not be able to self-custody their bitcoin on the site at launch, but the company plans to add this feature later. However, the company remains confident that the financial industry is nearing a tipping point.
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