Cryptocurrency Event

Prominent brokerage in Brazil to come up with an exchange for Ethereum and Bitcoin.

A major step for Brazil in the sector of virtual currency as one of its most important brokerage enters the sector by deciding to open an exchange based on the Bitcoin and Ethereum, this is very important step for the future of digital currency in the country. This group is Grupo XP. It is being stated by the authorities of this company that it will launch an exchange called XDEX in the near future. It is necessary to understand that this will be a major step forward for the Grupo X which is already the largest financial group in the country and employees several business models.

XP has some very high expectations from this newest venture, it expects to raise 1 trillion reais by the end of the year and it is believed that it will open a bank in the near future. According to the authorities in the company, a major reason for it to enter the cryptocurrency sector is the increasing popularity of the yet nascent sector as well as the increased demand of the people of Brazil for the exposure to this field that is getting popularity over the years. There are a number of people that are interested in investing as well as learning about the field of virtual currency.

It is also being found that initially, Grupo XP had decided to come up with an over-encounter BTC exchange. This was something that was being decided by it in the month of April. However, recently, after a considerable influx of capital, it has re-branded the venture as XDEX.

The banks in Brazil are currently facing a controversial situation with Brazil’s Administrative Council of Economic Defense regarding the issue of attempts at creating a situation of monopoly in the crypto space. This organization claims that restrictions have been put in such a manner so as to prevent the clients from entering the crypto markets. On the contrary, the banks have said that the accounts of these clients were closed because of the missing information about them.

About the author

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Kavya Lakhani

Kavya is one of the integral members of the CryptoNewsZ Journalists team. She manages the team of correspondents and researches for the platform. She holds a master degree in Journalism and has cryptocurrency trading experience as well. She constantly follows the cryptocurrency ecosystem with a passion for decentralized fin-tech.

You can also mail her at [email protected] to discuss anything related to her reports.

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