Brazil’s Rico Will Launch Its Cryptocurrency Exchange Next Year

Brazil's Rico Will Launch Its Cryptocurrency Exchange Next Year

Rico is a brokerage service provider headquartered in Brazil. Its management has confirmed that they will launch their cryptocurrency exchange next year and offer virtual currency services.

We want to keep our followers well-informed about the growing virtual currency industry worldwide.

We think this news about Brazilian brokerage company Rico will be interesting for them, especially if they are crypto-asset investors and traders fond of following the latest developments in the cryptocurrency sector.

Therefore, we are sharing this update on our website. Rico is a subsidiary of XP Incorporated, a Brazilian investment management firm headquartered in São Paulo, Brazil.

This Brazilian financial service provider will expand its operations portfolio in 2023. Rico will include cryptocurrencies in its offerings and have its own virtual asset exchange next year.

Additionally, it will enter the banking and insurance industries, per the news report posted online by Bitcoin News, a 24/7 news feed covering Bitcoin, money, foreign exchange rates, and the world economy.

Rico will introduce digital account services with an associated credit card by this year’s culmination. Financial company Banco XP will run Rico’s new financial products, although the latter will be managed via the Brazilian brokerage platform’s own branding.

Furthermore, Rico will concentrate on young customers whose income is approximately US$1,000. This feature is unlike its rivals, which focus on large investment accounts and institutional investors.

Rico’s management believes the financial service provider will triple its clients by 2025 with its new services, including the cryptocurrency offerings. Pedro Canellas is Rico’s business manager.

He cited that they intend to assist their customers in possessing healthy consumption. In this manner, these consumers can become savers, investors, and later huge investors.

Moreover, Canellas confirmed that one of the features of Rico’s digital account services is the possibility of investing using a credit card. This new offering will let customers settle a portion of their investments monthly.

Additionally, Canellas said their clients would be able to keep investing, even on the income level the brokerage company’s average customer gets, which is roughly US$2,000.

Rico’s administrators affirmed that they expect their new financial offerings to be available for 50 percent of their clients upon launch.

We feel pleased to learn about Rico being the latest financial firm that is adding virtual currency services to its operations, which are set to go live next year.

We are well aware that cryptocurrency trading and investing are popular among today’s millennial and Generation Z consumers.

We think Rico’s expansion directed at these younger customers will certainly attract more clients, thereby helping this brokerage service provider meet its objective of growing its customer base by 2025.

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