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Lucas Rabechini told Reuters in an interview that clients with
an "adequate investment profile for such operations" will be
allowed into the Xtage platform, now just open to employees,
starting next month.
XP currently has 3.6 million customers, but said crypto trading
will comply with eligibility rules such as the amount of risk
each client is willing to take.
Rabechini also said that "by the end of December and the
beginning of next year" there will be an additional 10
cryptoassets available for trading.
Digital currencies have been in the eye of the storm recently as
crypto giants such as Celsius and Voyager have collapsed, and
bitcoin has lost roughly 50% of its value so far this year. Such
shockwaves, however, did not change XP's long-term focus on
crypto, Rabechini said.
"You can say 'the volume has been weak, there will be few
orders,' but we see this market systematically growing over
time, and our long-term view is not just focused on price, but
also technology," he said, noting that XP developed a "super
fast" order execution technology alongside Nasdaq Inc.
XP first announced Xtage in May, and employees started testing
it in early July.
The company is set to face competition from large financial
players in Brazil, as Nubank, BTG Pactual and Itau Unibanco have
all recently revealed plans to provide clients with
crypto-related services.
"There are competitors doing their homework, some pretty
competent ones, but we are competent as well," Rabechini said.
(Reporting by Paula Arend Laier; Writing by Gabriel Araujo;
Editing by Marguerita Choy)
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