This Asset Management Giant To launch Crypto Platform By August

As the crypto market expands, major investment companies over the globe are jumping into it. In the latest addition, Brazilian brokerage XP Inc which holds over $153 billion worth of assets under its management aims to launch its own digital platform.

XP inc plans to extend its services

According to Reuters, XP Inc looking to open its crypto platform by the mid of August. In the beginning, the firm will be offering Bitcoin (BTC) and Ethereum (ETH). However, it plans to expand its services by the end of this year.

In an interview, Lucas Rabechini, director of financial products at XP, said that clients having an adequate investment profile will be given permission to trade on Xtage platform. Meanwhile, the platform is open just for their employees.

XP in the second quarter report mentioned that its Assets Under Custody have jumped by 4% year over year. While a 3% drop has been registered quarter over quarter. The firm currently has a user base of over 3.6 million customers.

The firms highlighted that crypto trading services will be compiled with eligibility rules. This will also include an amount of risk each client is willing to take on. The official added that by the beginning of the year 2023, the platform will be operating additional 10 digital assets.

Will crypto slow down firm’s plans?

The breakdown triggered by the collapse of Terra Luna and its stablecoin UST has landed many platforms and firms in trouble. The global crypto market cap decreased by another 3% over the last 24 hours. However, it is still holding the crucial $1 trillion mark.

World’s biggest cryptocurrency, Bitcoin’s price has dropped by over 50% from its all time high. BTC is trading at an average price of $21,918. Meanwhile, Rabechini believes that such shockwaves will not change XP’s long term focus on digital assets. He highlighted that the volume has been low but they see this market growth over time.