With the recent developments and overall statistics around cryptocurrencies in Brazil, the country shows a ray of optimism around cryptocurrencies and their adoption.
What makes this even better is the recent news about the opening of two new crypto brokerages in Brazil. The recent launch of the two new cryptocurrency brokerages in Brazil is a testament to the growing adoption and demand for cryptocurrencies in South America’s largest country.
So, what’s special about the two new crypto exchanges in Brazil? Let us find out more.
The Launch of Two New Crypto Brokerages in Brazil
While the world embraces cryptocurrencies, Brazil has become a hotspot for cryptocurrencies and related activities.
While the domestic banks were offering crypto-related services earlier as well, the recent two brokerages might bring a disruptive change in the markets.
Two of the most significant brokers in Brazil, BTC Pactual and XP, launched their own crypto trading platforms. While the announcement of the launch of the two platforms was done earlier, they are finally open to being used by users.
The MYNT Platform
What makes the Mynt platform special is the fact that it is backed by Latin America’s largest investment bank.
Mynt is taking a little different when it comes to crypto brokerages.
According to a few media reports, Pedro Frazao, product manager at Mynt said, “Content will be a part of Mynt at all levels.” Further, he added, “Any product we launch will come along with some content like a video or a paper that provide the means for the customer to understand more about what they’re investing in, and if they have any questions the app has a 24/7 chat function.”
One of the key aspects of Mynt is its attention to bringing security into trading crypto assets. Mynt calls itself “the most secure cryptocurrency platform”.
The platform currently supports trading five digital assets including Bitcoin, Ether, Solana, Polkadot, and Cardano. Mynt allows users to invest in cryptocurrencies with as little as 100 Brazilian reals or $19.42.
The XTAGE Platform
Brazil’s one of the largest brokerage firms, XP Inc, has finally stepped into cryptocurrencies, and that too at a massive scale. The company’s XTAGE platform has the potential to bring about 3.6 million potential customers into the cryptocurrency markets.
The news about the launch was released by the official Twitter handle of NASDAQ, revealing the details in a Tweet. The tweet read “Leveraging @NasdaqExchange’s technology, XTAGE represents a key milestone in democratizing access to the digital assets market in Brazil.”
In the initial few days after the launch, the existing XP Inc users will have access to the services of Bitcoin and Ethereum trading on XTAGE. Although, in a statement given in May, the broker mentioned “supporting other digital assets and investment products based on crypto assets in the future.”
The XTAGE platform is built with support and collaboration with the American stock exchange NASDAQ and crypto custody firm BitGo. One caveat to XTAGE, however, is the fact that only clients with an “adequate investment profile for such operations” will be able to access the XTAGE platform, as mentioned in another statement.
The platform is built on NASDAQ’s trading technology and has an integration with MetaTrader 5, a forex and stock trading tool. Most of the assets will be held in cold wallets which aren’t connected to the internet.
Brazil’s Tryst With Cryptocurrencies
Cryptocurrencies are gaining momentum in Brazil quite rapidly, as major firms are enabling acceptance for the asset class.
Moreover, in April 2022, Brazil went ahead to pass a bill to regulate cryptocurrencies. This and previous other steps have led to Brazil becoming a hotspot for cryptocurrency-related activities taking place in the country.
Cryptocurrencies have become a measure for many to diversify their investments, protect their savings against inflation and save on transaction fees. In July, Santander also decided to launch its crypto activities in Brazil.
The cryptocurrency market in Brazil is led by a large crypto-aware audience coupled with a government that might even look at giving some kind of legal acceptance to the asset class in the country. However, that’s yet to be seen.
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