One of the largest investment firms of Brazil – XP Investimentos is working to laugh an Over-the-counter (OTC) Bitcoin exchange – XDEX Intermediacao – in a bid to attract banks and brokers from all across the world.
Although the brokerage firm has refused to comment anything regarding the development, a source familiar with the matter told the local media publication Portal do Bitcoin on April 17, that XDEX will be getting involved in over-the-counter activities and market and will focus on the movements of the large volume transactions dealing in Bitcoin and fiat.
The brokerage is supposedly said to have raised $7.5 million till date in order to fund the development of this project. Although Brazil has always been a proponent of the Blockchain technology, it has always preferred to maintain a safe distance from getting involved in Bitcoin-related activities.
However, the entry of XP Investimentos in the OTC Bitcoin space would mean that the country’s biggest will also be directly involved in the digital currency market. This is because, Itaú Unibanco Holding SA has recently proposed to get a 75% stake in the financial service firm and a 50% stake in XP’s voting capital amounting to $1.7 billion.
Off lately, Bitcoin has been gaining a lot of popularity in Brazil.Students from the business and economics domain have urged universities to launch courses about the digital currency which includes a Master’s Degree Program.
More recently, the total number of Bitcoin investors in Brazil also surpassed the number of individuals registered on the Sao Paulo Stock Exchange.
