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Brazil’s Largest Investment Firm To Launch Digital Currency Exchange

Apr 19, 2018 Posted /  971 Views

Brazil’s Largest Investment Firm To Launch Digital Currency Exchange

Brazilian investment company XP Investimentos, a financial service related firm overseeing over $35 billion for more than 500,000 customers, is allegedly going to launch a digital currency trade.


As indicated by the nation's Department of Federal Revenue, XP Investimentos has as of late enlisted XDEX INTERMEDIACAO LTDA, whose enrolled capital is about $7.3 million.

Accessible information demonstrates the new organization was at first enlisted as XP COIN INTERMEDIACAO in 2017. When most of the digital currencies began surging, the trade got capital and swung to XDEX. Not long ago, it got around 80% of its $7.3 million.

As indicated by local news publishing Portal do Bitcoin, information from the Department of Federal Revenue demonstrates the organisation is identified with XP Investimentos.

While very little is known about the new digital currency trade, the local publishing asserts an anonymous source uncovered, it will centre around over the counter trading. The report stated:

“It is not yet known what services the new exchange will provide. A source, who did not want to be identified, said that the action will be in the so-called over-the-counter market. That is: focused on movements of large volumes of capital and BTC.”

XP Investimentos has apparently been analysing the crypto space for some time. In 2017 it was uncovered that it enlisted the XP Bitcoin brand. At the time, a local news publishing questioned the organization, which at that point uncovered it was considering digital currency markets. After one month, the investment company recruited a Brazilian digital currency expert, Fernando Ulrich.

This came at a time when Brazil's digital currency exchanges and organisations made adversary digital currency affiliations. The two opponent affiliations aren't yet sure on how digital currencies should be managed in the nation. Fernando Furlan, president of one of the affiliations, expressed:

“There is legal uncertainty. Depending on the purpose, it may be considered a means of payment or a financial asset. “


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Tags: cryptocurrency exchange bitcoin exchange Exchange blockchain exchange XP Investimentos Brazilian investment company Federal Revenue

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