XP Investimentos, one of the largest independent brokers in Brazil, recently announced that they will be opening an exchange platform in the coming months for trading Bitcoin [BTC] and Ethereum [ETH].
XP Investimentos is an integral part of the XP Group that concentrate on several brands in the financial market and has recently joined the cryptocurrency industry, says Bloomberg reports.
At an event in Sao Paulo, Guilherme Benchimol, the CEO of XP Investimentos stated that almost 3 million Brazilians had exposure to Bitcoin [BTC] whereas only 600,000 individuals invested in the stock market. Benchimol was further ready to undertake the risk in pushing XP Investimentos into the cryptocurrency industry. He further added:
“I must confess, this is a theme I’d rather didn’t exist, but it does…… We felt obligated to start advancing in this market.”
XDEX is the new cryptocurrency exchange which will focus on working independently from the other brokerage businesses owned by XP Investimentos. Thiago Maffra, an experienced financial marketing official will be running the exchange. The new cryptocurrency exchange will have around 40 employees.
According to the report, XP Investimentos’ entry into the Over-the-Counter [OTC] Bitcoin space was a huge step. This could result in the biggest banks in Brazil being directly involved in the cryptocurrency market. Itau Unibanco Holding S.A, a financial institution has recently suggested buying a 49.9% stake in XP’s voting capital for 5.7 billion reais [$1.5 billion].
Benchimol further stated that XP Investimentos will also be opening a new bank in the next few months. The main agenda of the brokerage was to accumulate 1 trillion reais [$245 billion] by the end of 2020 which is four times more than what they expect to have by the year-end.
According to a recent post, Central Bank of Brazil and other regulators of the Brazilian Financial System announced that they will use a blockchain based technology platform to open the door for country’s financial regulators to exchange information. The blockchain technology platform, Information Integration Platform for Regulators [PIER] was developed by the Central Bank of Brazil’s Information Technology department and is reported to start operations by 2018.
Subscribe to AMBCrypto’s Newsletter
US 2020 Presidential Candidate promises to provide better regulatory clarity on cryptocurrency market
Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy for the regulation of the cryptocurrency space on April 20. The new policy statement titled ‘Crypto/ Digital Asset Regulation And Consumer Protection’, emphasized on the need for regulating the digital asset place, and also listed the actions Yang would do for the cryptocurrency market as the President.
Yang said on Twitter,
“New Policy #22 – Digital Asset/Cryptocurrency Regulation. Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks. Investors need to know what their treatment will be in order to properly innovate in the U.S.”
On the official site, Yang stated that the cryptocurrencies “have quickly grown to represent a large amount of value and economic activity”. He further spoke about the lack of regulation of the cryptocurrency space, adding that the “patchwork of varying regulations” introduced by states has made it “difficult for the US cryptocurrency market” to compete with any other market, importantly China and Europe.
The Presidential Candidate further listed three key problems that needed to be solved, growth of cryptocurrency market being faster than that of the government’s response, differing regulations in different states, and uncertainty of the framework that would be unveiled.
Fang, a Twitter user, said,
“A candidate that is actually in touch with technology, blockchain and crypto. I missed the Bitcoin train but got in early on Ethereum mining: A significant % of my net worth is in crypto. So far I’ve done nothing but HODL. Our government has no idea what to do with digital asset”
Subscribe to AMBCrypto’s Newsletter
BitMax.io [BTMX.com] and EtherZero [ETZ] established Strategic Partnership
Bitcoin [BTC] and Litecoin [LTC] Price Analysis: BTC relishes bull’s company, while bear takes over LTC’s market
Blockchain Cruise takes place on the Mediterranean from June 9th-13th!
Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block
Stellar Lumens [XLM/USD] and XRP/USD Price Analysis: Sideways clamp holds strong as prices stagnate
Bitcoin SV [BSV]: John McAfee ‘sues Calvin Ayre in four different countries’; vows to bankrupt him
Cardano [ADA]: Proof of Stake [PoS] throws away expensive process & advances the network, says Charles Hoskinson
Cardano [ADA]: We will emerge from 2019 more decentralized than any other network, says Charles Hoskinson
Bitcoin [BTC]: Don’t buy into it if you are not ready to be rekt, warns Richard Heart
XRP takes another step into mainstream adoption as Skype hints a possible integration
Breaking: SBI Virtual Currencies delists Bitcoin Cash [BCH] in response to Binance’s Bitcoin SV delisting
Is John McAfee among crypto adherents who knows Satoshi’s true identity?
Bitcoin [BTC]: Officials crack down on massive BTC fraud in ‘largest pill seizure in the history of New Jersey’
Bitcoin [BTC], Bitcoin Cash [BCH] accepted as payments by Corporate Traveller following tie-up with BitPay