Brazil’s Biggest Brokerage Processes Bitcoin Trades, Gov’t Supportive

brazil bitcoin cryptocurrency

Grupo XP, the largest independent brokerage in Brazil, has publicly released its plans to launch a Bitcoin and Ethereum trading platform by the end of 2018.

Guilherme Benchimol, the chief executive officer of Grupo XP and XP Investimentos SA, stated that the business will integrate Bitcoin and Ethereum into the existing infrastructure of the brokerage, allowing more than three million investors in the country to invest in the asset class.

Monumental Decision

As CCN previously reported, on Sept. 20, the government of Brazil and its antitrust watchdog have launched a formal investigation into banks and major financial institutions in the country after receiving complaints that crypto exchanges received subpar financial services from local banks.

Officials at the Administrative Council for Economic Defense (CADE) said:

“However, it does not seem reasonable for banks to apply such restrictive measures a priority on a straight-line basis to all cryptocurrency companies, without examining the level of compliance and the anti-fraud measures adopted by individual brokerage firms conferring unlawful treatment per se on businesses brokering cryptocurrencies.”

In an official announcement, Grupo XP CEO Benchimol emphasized that he personally is not a fan of cryptocurrencies as a store of value and consensus currency. But, he stated that the company feels obligated to start advancing in the market because ultimately, similar to banks, investment firms are required to meet the demands and needs of their clients.

“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,” Benchimol said.

brazil

The surprising decision of Grupo XP is particularly monumental for the South American cryptocurrency market because it comes at a time in which the government of Brazil has taken its first approach towards legitimizing the market with stable financial services and banking partners.

With support from the government and the country’s largest investment firm involved, in the next few months the cryptocurrency market of Brazil will likely see an emergence of exchanges that are capable of providing services that were not available to the population less than nine months ago.

It is entirely possible that the encouragement of the government to banks to provide financial services to local cryptocurrency exchanges could leave the market open to established exchanges that are eying international expansion.

Already, in the past week, Binance and Upbit, the crypto market’s two largest exchanges alongside OKEx and Huobi, have expanded to Singapore.

Market Structure

Since mid-2017, the US, Japan, and South Korea have seen the stabilization of their respective cryptocurrency exchange markets equipped with robust infrastructure and practical regulatory frameworks designed to protect investors and facilitate the growth of crypto-related businesses.

For many years, South America and Europe have lagged behind Asia and the US due to regulatory uncertainty, but the forward-thinking approach of the Brazilian government and the encouraging trend of major financial institutions entering the crypto market could potentially lead to exponential growth of the crypto market of Brazil, Argentina, and Venezuela.

Images from Shutterstock

Follow us on Telegram or subscribe to our newsletter here.

• Join CCN’s crypto community for $9.99 per month, click here.
• Want exclusive analysis and crypto insights from Hacked.com? Click here.
• Open Positions at CCN: Full Time and Part Time Journalists Wanted.

Advertisement

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 61,144.00
ethereum
Ethereum (ETH) $ 4,121.14
binance-coin
Binance Coin (BNB) $ 483.51
tether
Tether (USDT) $ 0.999992
cardano
Cardano (ADA) $ 2.15
solana
Solana (SOL) $ 195.46
xrp
XRP (XRP) $ 1.09
polkadot
Polkadot (DOT) $ 43.85
dogecoin
Dogecoin (DOGE) $ 0.250006
usd-coin
USD Coin (USDC) $ 1.01
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 61,144.00
ethereumEthereum (ETH)
$ 4,121.14
tetherTether (USDT)
$ 0.999992
bitcoin-cashBitcoin Cash (BCH)
$ 623.19
litecoinLitecoin (LTC)
$ 196.82
bitcoinBitcoin (BTC)
52.508,94
ethereumEthereum (ETH)
3.539,13
tetherTether (USDT)
0,858768
bitcoin-cashBitcoin Cash (BCH)
535,18
litecoinLitecoin (LTC)
169,02
bitcoinBitcoin (BTC)
44,370.67
ethereumEthereum (ETH)
2,990.61
tetherTether (USDT)
0.725669
bitcoin-cashBitcoin Cash (BCH)
452.23
litecoinLitecoin (LTC)
142.83

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Behind The Scenes: How this Crypto Community Responded to + $50m Hack
October 18, 2021
Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021

Blockchain/Cryptocurrency Questions and Answers

ICo Presale
The Science Behind ICO Presales…
October 14, 2021
Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin60,986 0.24 % 0.51 % 0.29 %
Ethereum4,112.2 0.39 % 1.86 % 6.69 %
Binance Coin482.51 0.34 % 0.20 % 3.14 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano2.150 0.17 % 1.31 % 1.70 %
Solana194.59 0.48 % 4.33 % 22.95 %
XRP1.090 0.37 % 0.81 % 4.56 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2499 0.44 % 0.24 % 4.77 %
USD Coin1.000 0.14 % 0.20 % 0.17 %

bitcoin
Bitcoin (BTC) $ 61,144.00
ethereum
Ethereum (ETH) $ 4,121.14
binance-coin
Binance Coin (BNB) $ 483.51
tether
Tether (USDT) $ 0.999992
cardano
Cardano (ADA) $ 2.15
solana
Solana (SOL) $ 195.46
xrp
XRP (XRP) $ 1.09
polkadot
Polkadot (DOT) $ 43.85
dogecoin
Dogecoin (DOGE) $ 0.250006
usd-coin
USD Coin (USDC) $ 1.01