XP Investimentos is reported to be launching its own cryptocurrency exchange. According to the Brazillian Department of Federal Revenue, the investment giant has registered XDEX INTERMEDIACAO LTDA with a registered capital of 25 million Brazilian Reals or around $7 million.
The investment firm is the biggest one in Brazil managing over 120 billion Brazilian Reals ($35 billion) for more than 500,000 clients.
According to the Junta Comercial do Estado de São Paulo (São Paolo Board of Trade), XP had originally registered the company as XP COIN INTERMEDIACAO in August last year. By November, as it had received $1 million in capital funding, XP changed it to XDEX INTERMEDIACAO LTDA. In February 2018, the company registered the remaining $6 million for capital.
Not much is known about the new exchange but an unnamed sourced told local news outlet Portal do Bitcoin that it will be focusing on over-the-counter trading.
Move Towards Crypto
The investment giant seems to be moving towards the crypto space. In September 2017, according to the Instituto Nacional de Propriedade Industrial (INPI/National Institute of Industrial Property) website, the company was found to have registered the name “XP BITCOIN”.
In the same month, XP’s Chief Analyst of Encrypted Currencies said when commenting about cryptocurrencies:
“It is not regulated and does not have any large financial institution or FGC (Credit Guarantee Fund) behind. It is extremely risky.”
XP continued on to announce that they were still “looking into” the market.
In November, XP hired Fernando Ulrich, a known cryptocurrency expert in Brazil.