Brazil’s Biggest Brokerage Goes Big on Bitcoin111.9

Grupo XP, Brazil’s largest independent brokerage and owner of XP Investimentos SA, is launching an exchange in the upcoming months that will facilitate Bitcoin and Ethereum trading. According to Bloomberg, the new crypto exchange dubbed XDEX will have around 40 employees.

With a mission to “to help Brazilians invest better, offering the ideal solutions for each investor”, Grupo XP currently has 500,000 active customers and over 120 billion in the country’s currency reals (~$30 billion) under custody. Grupo XP is reportedly planning to control 1 trillion reals (~$245 billion) by 2020 through its custodial services and is also planning to launch a bank in the near future.

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