“Today, we announce that XDEX is starting the process of closing its activities. Market projection, competition and few regulatory advances reduced the opportunities found at the beginning of the project and were the basis for this difficult decision.”
Take a while
The firm provided non-custodial publicity to cryptocurrencies, so prospects have as much as 30 days from the day of the announcement to shut their positions and totally withdraw their stability in reais on the platform. “When making the withdrawal request, the funds will be sent to the bank account registered at XDEX within 1 business day, according to bank records,” the announcement mentioned, including:
“After the 30-day period, if the customer has not sold the assets, we will do it on their behalf and the amount obtained from the sale will be deposited in the bank account registered with XDEX within 3 business days.”
Failed to take maintain
Launched in 2019, XDEX tried to capitalize on the attainable entry of Brazilian institutional buyers into crypto, because the platform was owned by the companions of XP Investimentos. One of the most important brokers in Latin America, XP Investimentos manages billions in investments.
This is the fourth firm centered on Bitcoin buying and selling that closes its actions in Brazil. Before it, Brazilian corporations, OmniTrade, Latoex and Acesso Bitcoin additionally introduced the top of their actions. At the top of final 12 months one other Brazilian Bitcoin firm referred to as Bitjá revealed its closure.