The largest investment firm in Brazil, XP Investimentos, is now overlooking the crypto space and actively figuring out how to launch a cryptocurrency exchange. As a financial services company that manages over billion for over 500,000 clients, the firm is not linked to cryptocurrencies in any possible way.
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However, this may change real soon.
According to Brazil’s Department of Federal Revenue, XP Investimentos recently registered XDEX INTERMEDIACAO LTDA – a company with around $7.3 million in registered capital.
The newly available data shows that this company was initially registered in August 2017. During the month of November, when most of the cryptocurrencies were surging, the exchange got its capital and turned to XDEX.
The local Brazilian news outlet Portal do Bitcoin confirmed this data and showed that this company is linked to XP Investimentos. However, there is still a lot that is unknown about this new cryptocurrency exchange. As Portal do Bitcoin states in a post on their website:
“It is not yet known what services the new exchange will provide. A source, who did not want to be identified, said that the action will be in the so-called over-the-counter market. That is: focused on movements of large volumes of capital and BTC.”
What’s most interesting in the entire situation is that XP Investimentos has been researching the crypto space for a while. In October 2017, they revealed that they registered the “XP Bitcoin” brand. One month later, they hired Fernando Ulrich who is a Brazilian cryptocurrency expert.
In Brazil, there are a lot of ‘rival’ associations in the crypto space. Even though associations are not yet certain on how cryptocurrencies should be regulated in the country, the president of one of these associations, Fernando Furlan, recently said:
“There is legal uncertainty. Depending on the purpose, it may be considered a means of payment or a financial asset. “
All in all, XP Investimentos’ move may come at the right time. After Brazil’s largest crypto exchange Foxbit went down for over 72 hours.
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