According to Bloomberg, Grupo XP, Brazil’s largest independent brokerage firm, has plans to establish a cryptocurrency exchange in the country to take advantage of the country’s high demand for virtual currency.
Grupo XP CEO Guilherme Benchimol said in an event in São Paulo that Brazil has more than 200 million people, of which about 3 million hold BTC, and only about 600,000 people invest in stocks.
Grupo XP is the owner of XP Investimentos, which provides brokerage services for stocks and various funds. The cryptocurrency exchange planned to be issued is named XDEX and allows transactions with BTC and ETH.
Blockchain Focus noted that XP Investimentos had registered the “XP Bitcoin” trademark in October 2017, prompting speculation that the company is interested in expanding the cryptocurrency business. It also registered “XP Coin Intermedia can” in August 2017, becoming the later XDEX.
Benchimol’s statement coincided with the Brazilian Economic and Defense Administration’s investigation into whether the country’s banks abused their powers and restricted cryptocurrency transactions. Banks such as Banco do Brasil, Banco Bradesco and Itau Unibanco claim to follow only the anti-fraud requirements of the country’s central bank, and because many exchanges are unable to provide sufficient customer data.
Last month, the Brazilian exchange Atlas Quantum was hacked and more than 264,000 users were stolen. However, the exchange denied that any funds were stolen.
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