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This new feature is available in XP's own application, accessible at this first moment to customers with a digital account at the company, which should add up to 500 thousand, however with a potential of 1 million by the end of the year. XP's director of financial products, Lucas Rabachini believes that if you take into account that there are currently 3.6 million customers on the platform, the medium and long-term potential for this new resource is enormous.
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The platform competes with large companies such as Mercado Bitcoin, Binance and other companies known for purchasing crypto assets, following the structure of more developed banks such as Nubank or Itaú Unibanco. Roberto Campos Neto, president of the Central Bank, even showed a concern regarding the concentration of crypto asset transactions on just one or two platforms, being responsible for 20% to even 30% of the entire market for these assets.
We emphasize that at this time the platform has only released Bitcoin and Ether trading, but they do not want to be limited to these currencies only, with a high prospect of adding other digital currencies to the platform in the coming months and with more features. In case you're thinking this platform hasn't been tested yet, several XP employees have tested the platform over the time it's been created and last week some clients also received notice about this new investment option being available.
XP informed that its technological bases were made based on Nasdaq negotiations, and that in May of this year the platform was already prepared for use. This news came just in time for the recovery of cryptocurrencies, such as Bitcoin worth around US$24 thousand, but still far from the period in which the coin reached the milestone of US$69 thousand. The drop in this currency reduced the number of risk asset investors due to inflation, geopolitics and even the impact that the pandemic brought to our country.
XP is considered the largest investment platform
XP is already considered the largest investment brokerage in Brazil, as in addition to being one of the pioneers in the market, it also brought an enormous facility for those who want to enter this market.
With the launch of this platform, Xtage came with the mission to popularize investments in cryptocurrency and in an easy way, because in addition to the lack of knowledge in this area of investments, it happens that the platforms have a complicated system to use. The two currencies currently traded on the platform will always be traded in reais, 24 hours a day and the market will be open every day of the week like other cryptocurrency exchanges. Prices will be given according to the market and the liquidity of the negotiations as occurs on other platforms, especially the platform will have integration with the XP ecosystem in the application itself.
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Inevitably, you must be thinking about the fees and whether their value will compensate for a switch to this platform, and Marcos Horie claimed that the fees charged are in line with the charges of other platforms, but without disclosing fixed amounts even for the same. It was said by the brokerage that this novelty came about at the request of the customers themselves, who always looked for them on the service platforms asking to have cryptocurrency negotiations within XP. The internal survey with clients showed that 50% of the platform's clients already had contact with this type of investment, but did not invest with XP due to the fact that they do not provide this type of accessibility.
In addition, they asked whether these people actually preferred to make these investments through the XP platform and whether they earn points for that, and 88% wanted them to be able to do this through XP, according to data exposed in the value. This attitude marked the return of the company's partners in this segment, mainly because the two behind decided to close the XDEX exchange, claiming that the platform had little progress over time, both regulatory and mistaken projections for crypto trading.
It is worth mentioning that the platform will also release a structure for the sale of assets and not just for quick purchases, and you will be able to consult the statement and its position in the market in real time. In an interview with InfoMoney, Rabechini said that Xtage will rely on other non-fungible tokens study groups, such as NFTs, decentralized finance and Web 3, but without any perspective and deadline for when this resource will be launched.
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