Brazilian Biggest Investment Firm Launches Its Own Crypto Exchange
The Brazilian Biggest Investment Firm XP Investimentos Launches Its Own Crypto Exchange
The largest investment firm named XP Investimentos decides to launch its own cryptocurrency exchange in Brazil. XP Investimentos is the financial services management company serving over 500,000 clients maintaining their capital which is over more than $35 billion. XP Investimentos has recently registered with XDEX INTERMEDIACAO LTDA, by paying nearly $7.3 million.
The available data shows that the recently the XP Investimentos registered as XP COIN INTERMEDIACAO in August 2017. When the cryptocurrencies were in surging phase in November, at that time the exchange raised capital and transformed it (exchange) into XDEX. This year in the starting, the exchange raised the money up to 80% of the $7.3 million.
Data from Federal News Department shows that the company is related to XP Investipedia however, the site XDex.com.br was unavailable to reach at the time of the press release as per a local news outlet. The news also said that there is not much information about the exchange but it claimed that it will focus on over the counter trading. And deal with operations related to large volumes of capital and Bitcoin.
XP Investimentos had been doing the research to establish their cryptocurrency exchange for a long time. In October 2017, the company registered the XP Bitcoin brand and in November they hired an expert of cryptocurrency from Brazil, Fernando Ulrich.
The company has taken this move at the right time as this time the largest crypto exchange of Brazil, Foxbit is down for more than 72 hours. Foxbit users, however, are taking advantage of company’s withdrawal system and are having duplicate withdrawals up to 130 in number. Later, Foxbit recovered from this issue and began the processing of withdrawals during the down period prior coming to online again.