Business

Largest Brazilian Brokerage To Soon Launch A New Crypto Exchange ‘IDEX.’

According to recent news by ‘Bloomberg,’ CEO of Grupo XP Guilherme Benchimol mentioned that the corporate would be launching an exchange known as ‘XDEX’ within the upcoming months, with around forty workers. Grupo XP is the biggest financial cluster in Brazil, comprising firms with several other business models.

XP has reportedly set a goal to own $245 Bln beneath custody by 2020, that is four times what the corporate expects to lift by the end of this year. additionally, XP would launch a bank within the next few months.

Benchimol mentioned that he “must confess, this is often a theme I’d rather didn’t exist, however it does,” adding that “we felt obligated to start out advancing during this market.” He noted that the corporate is being pushed into the crypto business by the recognition of digital currencies among investors. Three million Brazilians “have exposure” to Bitcoin, compared to solely 600,000 that invest within the stock market.

Initially, Grupo XP declared its plans to launch an over-encounter (OTC) BTC exchange in April. The move was reportedly the first for XP, that initially registered an outfit known as ‘XP COIN INTERMEDIACAO’ earlier in Aug. 2017. Later that year, following a $1.5 Mln capital injection, the corporate rebranded to become XDEX.

Earlier this week, Brazil’s Admin Council for Economic Defense [CADE] launched a research into six major national banks concerning alleged noncompetitive practices within the crypto space. As per the report, “the main banks are imposing restrictions or maybe prohibiting … access to the financial system by digital currency brokerages.” The banks reportedly claim that the brokers’ accounts were closed due to the absence or lack of consumer knowledge.

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