The cryptocurrency market is about to explode in Brazil. XP Investimentos, a financial firm that has more than half a million clients and manages over $35 billion USD for them, is about to enter in this market. XP is the biggest investment firm of the country and, according to the country’s regulation agencies, it has recently registered Xdex Intermediacao Ltda.
This new company has $7.3 million USD and was created in August 2017 with the name of XP Coin Intermediacao. The company changed its name after and started to receive money. While the website is still unavailable, local outlets like Portal do Bitcoin has connected the two companies.
What Do We Know About Xdex Intermediacao Ltda?
So far, not much. The local news outlets state that an unnamed source revealed that the company will be focused on over the counter trading. Last year, XP Investimentos hired the Brazilian cryptocurrency expert Fernando Ulrich, which is known in the market as a local specialist in this area. Some reports also seem to indicate that the company has been interested in cryptocurrencies for more than six months.
The Cryptocurrency Market In Brazil And XP Investimentos Opportunities
The legal situation of the cryptocurrencies is still very blurry in Brazil. There is plenty of legal uncertainty surrounding the subject and some financial businesses see it as a rival.
This may be a good time for XP Investimentos. Foxbit, the biggest crypto exchange in the country at the moment, recently was offline for more than 72 hours, which could have been an advantage for a company like XP if it was properly prepared.