<p>XTAGE, the cryptocurrency branch of Brazilian financial services giant XP Investimentos (XP, Inc), has decided to wind down its operations. Starting tomorrow, users will no longer have the ability to purchase any of the digital assets listed on the platform, which includes popular cryptocurrencies such as Bitcoin, Ethereum, Polygon, Chainlink, Solana, Cardano, and Litecoin.</p><h2 class="wp-block-heading" id="xp-removes-the-crypto-purchase-feature-from-xtage">XP removes the crypto purchase feature from XTAGE</h2><p>The specific reasons behind this closure remain somewhat mysterious. However, the company has communicated to its customers via email that the decision is an internal one and not prompted by any risks associated with their client base. Despite the impending shutdown, XTAGE has provided a grace period for users to manage their assets. Users will still be able to sell their holdings without incurring fees or brokerage charges until December 15.</p><p>XTAGE hopes that this two-month period will assist customers in making the best decisions regarding the liquidation of their cryptocurrency positions. Additionally, the company will maintain its customer service operations until December. Effective December 16, XTAGE will take the remaining assets in users’ accounts and sell them. The proceeds from these sales will be deposited into a corresponding digital account at Banco XP. XP Investimentos, founded in 2001, stands as Brazil’s largest broker, boasting more than $1 billion Brazilian reals (approximately $202 million) in <a href="https://www.marketwatch.com/investing/stock/xp" rel="noopener noreferrer nofollow">client</a> assets under management.</p><h2 class="wp-block-heading" id="the-firm-says-it-will-continue-to-offer-crypto-products">The firm says it will continue to offer crypto products</h2><p>The company was valued at $15 billion when it was listed on Nasdaq in 2019, and its current market capitalization, according to MarketWatch, is approximately $11.37 billion. XTAGE marked XP’s second venture into the cryptocurrency industry. The company initially launched the exchange XDEX in 2018, only to close it down in March 2020 due to regulatory uncertainties. XP Investimentos, alongside Itaú BBVA (Brazil’s largest private bank) and Banco Genial, had the responsibility of coordinating Brazil’s sixth cryptocurrency exchange-traded fund (ETF).</p><p>According to the crypto market in the region, the <a href="https://www.cryptopolitan.com/bitcoin-etfs-search-surges-on-google-trends/" rel="noopener noreferrer nofollow">ETF</a> was described as the “world’s first DeFi ETF.” Despite the decision to close XTAGE, XP Investimentos has made it clear that they will continue to offer a range of cryptocurrency products to customers interested in maintaining exposure to the digital asset space. These offerings will include ETFs and cryptocurrency funds, ensuring that the company maintains a presence in the cryptocurrency market.</p>

XP Investimentos set to shut down its XTAGE crypto exchange

Table of Contents

Cryptopolitan_News

Other articles published on Oct 20, 2023

Ethereum Price Drops Below $1600: Will It Continue or Bounce Back?

Coinbase’s Layer-2 Solution Base Shares Open-Source Code for Developer Engagement

What’s Next for Ripple (XRP) vs. SEC After Execs Win? Lawyers Anticipate “a Big Fight”

SOL Price Analysis: Will Solana Rise To $40 This ‘Uptober’?

Op-Ed: X Community Notes are not perfect, but socializing fact-checking should be encouraged

The Ethereum vs. Bitcoin dilemma: How US Treasury Yield is tipping the scale against ETH

Join our free newsletter for daily crypto updates!