XP Investimentos has recently registered XDEX INTERMEDIACAO LTDA, whose official capital is of about $7.3 million. Available data reveals in August 2017 the new company was initially registered as XP COIN INTERMEDIACAO. In November, when most cryptocurrencies began rising, the exchange received capital and turned to XDEX. This year earlier , it gained about 80 percent of its $7.3 million.
As it was declared by the local news outlet Portal do Bitcoin, data from the Department of Federal Revenue illustrates the company is related to XP Investimentos. At press time its website, Xdex.com.br, is currently ineffective.
While not much is known about the new crypto exchange, the local news outlet claims an unnamed source showed it’ll center on over-the-counter trading.
XP Investimentos has evidently been examining the crypto space for a while, as back in October 2017 it was discovered it registered the “XP Bitcoin” brand. Presently, a local news outlet inquired the company, which then revealed it was studying cryptocurrency markets. One month later, the investment giant employed Fernando Ulrich (Brazilian cryptocurrency expert).
This happens at a period of time in which Brazil’s cryptocurrency exchanges and businesses created competing cryptocurrency associations. The two “rival” associations haven’t yet determined about how cryptocurrencies should be regulated in the country.
The investment firm`s step may come at the right time. Brazil’s largest cryptocurrency exchange Foxbit recently went down for over 72 hours, as some users were able to take benefits of the company’s withdrawal system to duplicate 130 withdrawals. Foxbit later restored and started processing withdrawals during its downtime, before coming back online.