Is Brazil’s cryptocurrency exchange 【XDEX】 finally opening?! Is the reason deregulation!?
Brazil Takes Serious Step into Crypto Market!? Finally Opening a Cryptocurrency Exchange in Brazil
Bloomberg, the American news outlet, reported on the 21st that Brazil’s largest financial group, Grupo XP, plans to launch a new cryptocurrency exchange within the next few months.
Grupo XP is a corporate group that owns XP Investimentos, Brazil’s largest investment company.
And in April of this year, XP Investimentos was reported by the local news outlet Portal do Bitcoin to be expected to begin over-the-counter cryptocurrency trading, which drew attention.
>>>Portal do Bitcoin official website
The new Brazilian cryptocurrency exchange will be named XDEX
The new Brazilian cryptocurrency exchange is scheduled to launch within the next few months, and aims to hold about 250 billion reais (about 66.9 trillion yen) in assets under custody by the end of 2018.
Additionally, the new exchange will operate under the name XDEX and is expected to support two cryptocurrencies: Bitcoin (BTC) and Ethereum (ETH).
In response to this announcement, Guilherme Benchimol, an executive officer of Grupo XP, said the following.
We represent a leading financial company in Brazil, and the start of cryptocurrency trading is the wish of the Brazilian people.
We feel we must advance in this market.
In other words, Mr. Benchimol indicated that while there is growing demand for cryptocurrencies across Brazil, it had not yet been adequately met.
Rising Demand for Cryptocurrencies in Brazil
The Brazilian government has long held a skeptical stance toward cryptocurrencies, and regulations have been strict.
However, it has long been known to the public that Brazil is a “hidden cryptocurrency powerhouse.”
This is because about 600,000 Brazilians own stocks, while approximately 3 million own cryptocurrencies.
That figure shows that about 1.5% of Brazilians own cryptocurrencies, placing Brazil within the top 20 in the world by country ranking.
Additionally, the image below shows the results of a May 2018 survey by the German company Dalia Research on cryptocurrency ownership relative to population by country.
Reference image:Dalia Research Survey Results
According to the survey, in terms of percentage of the population owning cryptocurrency,Japan has the highest at 11.1%followed by the United States (9%) and the United Kingdom (9%).
>>>Dalia Official Site
The reason Brazilian exchanges are opening is regulatory easing
This time Grupo XP is.......More continues here below
>>>See the Official Cryptocurrency Trivia Site
