The biggest brokerage in Brazil, Grupo XP, is planning to release a Ethereum and Bitcoin crypto trading platform by the end of this year. The CEO, Guilherme Benchimol, said that the business will also use BTC and ETH integration into the infrastructure of the brokerage. They have an investor base of 3,000,000 and they will all be able to invest in the new crypto-assets. Although Benchimol is not a fan of digital assets as a form of currency, he believes that this change to the brokerage will better accommodate the demands of their investors.
The decision of Grupo XP is monumental for Brazil and the South American market. The Brazilian government is enforcing regulations and diving into legitimizing cryptocurrencies for banks and financial services. Grupo XP has support from the government , so we are predicting that the market of Brazil will see a spike in digital currency exchanges. For quite some time, South American markets have taken things slower than Asian and European markets. This is because there was regulatory concerns, however this approach by the Brazilian government, will definitely help the growth in the crypto market for neighboring countries such as Venezuela and Argentina.