Nasdaq has reportedly forged an alliance with XP to introduce a new Brazil-based crypto exchange dubbed “XTAGE”, with the roll-out timeline being the second quarter of this year. 

Specifically, the full integration of XTAGE into the XP Inc ecosystem is reportedly going to be completed, helping it secure the first spot as a major brokerage in Brazil, with over 3.5 million customers and $168 billion equivalent of assets under custody.

XP further revealed that in the initial stage, the exchange will reportedly release supporting features for the buying and selling of cryptocurrencies, but the ultimate goal is for the platform to also facilitate other digital assets and investment products dependent on crypto assets. 

“The creation of XTAGE represents an important milestone in advancing the digital asset market and our ability to offer investors greater access to the digital asset ecosystem. Through the technology partnership with Nasdaq, we are confident that XP will operate on an innovative and robust infrastructure” Lucas Rabechini, director of financial products at XP, remarked. 

Roland Chai, executive vice president and head of market technology infrastructure at Nasdaq, additionally emphasized that the alliance Nasdaq forged with XP will bring about extra opportunities for firms and investors. 

This development is not NASDAQ’s first collaboration with a crypto-focused establishment from Brazil. In 2019, the US-based firm partnered with Hashdex to introduce the unprecedented Bitcoin Spot ETF.

The same goes for the collaboration with XP, where it is not the first time the firm has plans to introduce an establishment concentrating on the cryptocurrency market. 

Four years ago, the firm has reportedly introduced a platform supporting cryptocurrency trading dubbed XDEX.