Brazil Witnesses Introduction of New Crypto Trading Platforms

Brazil Witnesses Introduction of New Crypto Trading Platforms

  • In September of last year, Mynt’s release was announced.
  • Key Brazilian broker XP has also shifted its focus to the cryptocurrency market.

Bitcoin (BTC) and other cryptocurrencies have been widely adopted by people throughout the globe, and Brazil has become a major hub for the sector. Many smaller banks were launching cryptocurrency platforms, showing their support for the industry. This week saw the introduction of cryptocurrency trading platforms from two major Brazilian brokers, BTC Pactual and XP.

In September of last year, Mynt’s release was announced. Reports indicate that the platform would function independently from BTG, therefore the latter’s current clientele would not become Mynt’s direct customers.

There are now five different cryptocurrencies available on the platform. Coins like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Polkadot (DOT), and Solano (SOL) were among those mentioned. As Head of Digital Assets, André Portilho has confirmed the inclusion of new digital currencies. However, Portilho spoke about how crypto deposits and withdrawals are limited.

Key Potential Market

Key Brazilian broker XP has also shifted its focus to the cryptocurrency market.  The company declared the launch of its Bitcoin and Ethereum trading mobile app. Customers of XP, in contrast to BTG, had easy access to crypto via the company’s already-existing app.

Last week, PicPay, another Brazilian fintech firm, released a cryptocurrency trading platform powered by Paxos. Both Nubank and MercadoLibre may claim to have been pioneers in the cryptocurrency trading arena. It would seem that Brazilians made a massive investment in crypto.

Marcos Horie, Xtage’s CEO, said the company has received several inquiries from customers. It is worth noting that the company serves 3.6 million clients. Furthermore, Brazil passed a measure in April to regulate virtual currencies. After realizing that the Brazilian government was somewhat positive about the industry, the aforementioned businesses apparently decided to dip their toes into cryptocurrencies.

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