Bitcoin gets a boost in Brazil as Xtage & Mynt go live

Sahana Kiran
Source – Unsplash

The world has embraced Bitcoin [BTC] and many other cryptocurrencies, and Brazil has emerged as a hot spot for the industry. Several regional banks were embracing cryptocurrencies by rolling out their crypto platforms. This week, Brazilians were in for a treat as two of its significant brokers, BTC Pactual and XP, launched their crypto trading platforms.

The launch of Mynt was announced last year in September. The platform would reportedly operate as a separate entity, meaning that existing BTG clients would not be direct clients of Mynt.

At present, a total of five cryptocurrencies are listed on the platform. This included Bitcoin, Ethereum [ETH], Cardano [ADA], Polkadot [DOT] as well as Solana [SOL]. André Portilho, Head of Digital Assets, affirmed the addition of more cryptocurrencies.

However, Portilho addressed restrictions on withdrawals and deposits of crypto. He added,

“We are working on this feature. In weeks or months, we plan to release. We think clients will want to bring the assets to BTG, given the cases we had of withdrawal restrictions.”

XP follows suit and launches crypto trading platform Xtage

Another principal Brazilian broker, XP, decided to veer into the crypto-verse. Earlier today, the firm went on to ring the opening bell of the Nasdaq exchange in New York. The firm announced that its mobile app with Bitcoin and Ethereum trading options was live. Unlike BTG, customers of XP could employ crypto through its existing app.

Over the last week, another Brazilian fintech app PicPay rolled out its Paxos-powered crypto trading platform. Nubank, as well as MercadoLibre, were one of the earliest platforms to venture into the crypto market. It seems like Brazilians were going all in on crypto.

The CEO of Xtage, Marcos Horie, revealed that the firm had garnered many requests from its clients. It should be noted that the firm is home to 3.6 million customers.

Additionally, back in April, Brazil went on to pass a bill to regulate cryptocurrencies. The organizations mentioned above appear to have chosen to test the waters of cryptocurrency after learning that the Brazilian government was somewhat optimistic about the sector.