XTAGE, a digital asset trading platform created by Brazilian brokerage XP (Nasdaq: XP), has launched trading of Bitcoin and Ethereum, according to multiple reports. The creation of XTAGE was announced this past May as a collaboration with Nasdaq.
At that time, Lucas Rabechini, Director of Financial Products at XP Inc., stated:
“The creation of XTAGE represents a major milestone in advancing on the digital assets market and in our ability to offer investors increased access to the emerging ecosystem. Through the technology partnership with Nasdaq, we are confident that XP will operate on an innovative and robust capital market infrastructure,”
Last week, XP released Q2 earnings and, during the call, provided some insight into XTAGE.
And XTAGE, it’s another venture that we started from scratch. Company executives said that 59% of their clients already invest in crypto but a whopping 90% said they would invest via XP if it offered the service, thus justifying the new service. The company added that they built XTAGE from scratch.
The news of the launch of XTAGE was joined by BTG Pactual’s own crypto marketplace Mynt, launching services. BTG Pactual is the largest investment bank in Brazil. Mynt is described as the most secure crypto trading platform in Brazil.
Bitcoin is currently at a critical level, as it is consolidating under the 100 daily moving average, a key resistance level, which lies at around $24,700. If Bitcoin can overcome this level, it would indicate a major trend reversal and a potential move to the high $20,000 range, but if not then we can expect more pain ahead on the longer time frame.
Marcus Sotiriou, Analyst at digital asset broker GlobalBlock (TSXV:BLOK) noted that Brazil is poised for greater crypto adoption with the launch of two new digital asset trading platforms. Sotirou expects that added interest in Bitcoin may help push the crypto to the high $20,000s if it can break resistance at $24.7K. Bitcoin is currently trading around $24,000 after a rocky year – similar to more traditional assets.