Brazilian Brokerage Platform Rico Will Offer Cryptocurrency Services Next Year Cryptocurrency
Rico, a Brazilian brokerage platform part of XP Inc., has announced plans to enter the cryptocurrency market next year. The division is expanding its operations and will also enter banking, launching digital account services and a credit card. The platform follows the steps of companies like Nubank and others that have already included crypto in their service portfolio.
Rico to expand operations into crypto and banking
Brazilian companies and banks are getting into the cryptocurrency space to offer a comprehensive set of investments under one organization. Rico, a Brazilian brokerage firm part of XP Inc., announced that it is expanding its trading portfolio to include new services, including crypto.
The company said Neofeed it plans to launch a cryptocurrency exchange on its platform for next year, and also to enter the world of insurance. Similarly, the company plans to launch a digital account with an associated card by the end of this year.
These products will be managed by Banco XP, but managed by Rico’s brand image. The company expects these products to be available to 50% of customers upon launch.
Focus on accessibility for young investors
While other competitors focus on institutional investors and large investment accounts, Rico will focus on young players in the field, whose income is around $1,000. Of this interest in these often overlooked investors, Pedro Canellas de Rico said:
We want to help customers to have healthy consumption so that they can become savers, investors and, later, great investors. We are going to reach a part of the population that few people watch.
The company is confident that with these additions it will triple its user base by 2025. According to Canellas, one of the platform’s features will include the ability to invest from a credit card.
This ostensibly will allow users to pay a portion of their investments monthly and continue investing, even on the level of income the average Rico client receives (around $2,000).
Rico is just the latest platform to add cryptocurrency services to Brazil. Neobanks like Nubank and Picpay have also included cryptocurrency trading services in their platforms this year, and even Santander and Itau Unibanco have announced that they will also offer crypto-focused services.
However, not all banks are behind this market. Bradesco, Brazil’s second largest bank, recently clarified that it is not interested in the crypto market due to its small size.
What do you think of Rico and his plans to launch a cryptocurrency exchange next year? Tell us in the comments section below.
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