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.
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.