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Tuesday, March 28, 2023

Brazilian Brokerage Platform Rico to Offer Cryptocurrency Services Next Year

Brazilian Brokerage Platform Rico to Offer Cryptocurrency Services Next Year – Brazilian businesses and banks are getting into the cryptocurrency market in order to provide a comprehensive package of investments through a single entity. A Brazilian brokerage company called Rico, which is a part of XP Inc., has stated it is bringing in new services, such as cryptocurrency, to its range of offerings.

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According to the company, it will also join the insurance sector and will be launching a cryptocurrency exchange on its platform in the coming year. By the end of the year, the business plans to introduce a digital account with an associated card.

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Banco XP will manage these products, but under the Rico branding. 50% of consumers should have access to these products upon launch, according to the firm. 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.

Pedro Canellas of Rico commented on this interest in these often ignored investors as follows:

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“We want to help clients to have a healthy consumption so they can become savers, investors and, later, big investors. We are going to reach a part of the population that few people are looking at.”

With these developments, the company 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 average customer’s ($2,000).

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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.

Brazilian Brokerage Platform Rico to Offer Cryptocurrency Services Next Year – Not all banks, however, 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.

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