Brazilian businesses and banks are becoming involved in the cryptocurrency market to provide a full range of investments through a single entity. A Brazilian brokerage company called Rico, which is a subsidiary of XP Inc., has declared it is enlarging its range of services to incorporate cryptocurrencies.
According to the company’s statement to Neofeed, it also intends to penetrate the insurance industry in addition to launching a cryptocurrency exchange on its platform in the upcoming year. The business also plans to introduce a digital account with a corresponding card by the end of this year.
Banco XP will manage these products, but under the Rico name. 50% of consumers should have access to these products at launch, according to the company.
Rico will concentrate on younger players in the field, whose annual income is around $1,000, while other competitors will concentrate on institutional investors and large investment accounts.
With these developments, the business is sure that its user base will have tripled by 2025. Canellas claims that one of the platform’s features will be the ability to make investments using a credit card.
As a result, customers should be able to continue investing and paying off a portion of their assets on a monthly basis, even if their income is less than that of Rico’s typical customer’s ($2,000).
The newest platform to offer cryptocurrency services in Brazil is Rico. This year, neobanks like Nubank and Picpay added cryptocurrency trading features to their platforms. Santander and Itau Unibanco also made announcements about services geared toward cryptocurrencies.
Not all banks, meanwhile, are supporting this market. The second-largest bank in Brazil, Bradesco, recently made it clear that due to the market’s tiny size, it has no interest in participating.
