[Delio] Brazilian Brokerage Platform to Offer Crypto Services

Rico, a Brazilian brokerage platform and a subsidiary of XP Inc., announced its intention to enter the crypto industry next year, crypto media channel Inside Bitcoin reported on August 27.

The division is expanding its business and will also join the banking industry by introducing credit cards and cryptocurrency account services. Rico’s strategy involves implementing insurance services by 2023. According to Rico, the project would initially benefit around 50% of the company’s users. While other competitors focus on institutional investors and large investment accounts, Rico will focus on younger players in the field and will triple its user base by 2025.

According to the statistics by CoinDesk, the country leads the way in cryptocurrency payments in Latin America, indicating a boost of active transacting users by 125% as of 2021.

In the same way, Neobanks like Nubank and Picpay have also revealed plans to launch cryptocurrency trading services by the end of this year.

Source: INSIDE BITCOINS

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