XP Inc links up with Nasdaq to launch a crypto trading platform

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On Thursday, May 12, 2022, XP Inc.—the largest investment platform and provider of low-cost financial services in Brazil—announces the launch of XTAGE, a cryptocurrency trading platform in collaboration with Nasdaq. 

According to the press release by Nasdaq, the platform is expected to be officially launched and operational by the end of the second quarter of 2022. XP initially revealed that customers will be able to trade digital assets using existing XP services on the platform. 

‘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,’ said Lucas Rabechini, director of financial products at XP. 

In addition, Roland Chai, Nasdaq executive vice president and head of market technology infrastructure, emphasized that the firm’s collaboration with XP will further widen the opportunities both for investors and companies. 

‘Nasdaq’s robust and flexible infrastructure technology, designed to meet market expectations as well as current and future regulatory frameworks, will enable XP to reliably scale its platform and introduce new asset classes as they grow and evolve. We look forward to continuing our technology partnership with XP as they bolster their offerings and further innovate the digital assets ecosystem and beyond’, said Chai. 

However, this is not the first time that Nasdaq has worked with a Brazilian company in the crypto sphere. Back in 2019, the company had also inked a deal with fintech investment management firm Hashdex in launching the world’s first Bitcoin Spot ETF, allowing 3,000,000 Class E shares to be issued for trade on the Bermuda Stock Exchange (BSX).

XP has also aimed to establish a platform focusing on the trading of digital currencies. The company launched a crypto trading platform called XDEX in 2018 with a registered capital of about US$7,300,000. However, it closed down two years later due to market projection, regulatory uncertainty and competition. 

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