Brazil’s Biggest Brokerage Processes Bitcoin Trades, Gov’t Supportive

Grupo XP, the largest independent brokerage in Brazil, has publicly released its plans to launch a Bitcoin and Ethereum trading platform by the end of 2018.

Guilherme Benchimol, the chief executive officer of Grupo XP and XP Investimentos SA, stated that the business will integrate Bitcoin and Ethereum into the existing infrastructure of the brokerage, allowing more than three million investors in the country to invest in the asset class.

Monumental Decision

As CCN previously reported, on Sept. 20, the government of Brazil and its antitrust watchdog have launched a formal investigation into banks and major financial institutions in the country after receiving complaints that crypto exchanges received subpar financial services from local banks.

Officials at the Administrative Council for Economic Defense (CADE) said:

“However, it does not seem reasonable for banks to apply such restrictive measures a priority on a straight-line basis to all cryptocurrency companies, without…