An estimated three million Brazilians have heard of or had an experience in cryptocurrencies. A contrast to this, only six hundred thousand Brazilians have invested in the stock market. This difference in statistics and the allure of cryptocurrencies have propelled Grupo XP, Brazil’s largest brokerage firm, to launch its own exchange, XDEX, which deals with Bitcoin and Ethereum.
XDEX will be under the leadership of Thiago Maffra. It will be run independently from Grupo XPs other brokerage ventures.
The target date for the launch of XDEX is set by the end of this year.
Grupo XP has five hundred thousand active clients. The company specializes in offering a diverse selection of fiscal products that include investment funds, fixed income products, futures, and real estate funds. In the upcoming months, Brazil’s largest brokerage will be introducing their very own bank. And by 2020, it is intending to raise funds that amount to $245 billion or $1 trillion Brazilian real.