Rico, a Brazilian broker platform, is planning to get into the crypto market next year. It is growing its operation and plans to enter the banking industry by offering digital account services as well as a credit card. It follows the lead of Nubank and other banks that include cryptocurrency in their service offerings.
Rico Expands Operations to Crypto and Banking
Brazilian banks and businesses are now in the crypto business to provide a full package of investments through one company. Rico, a Brazilian brokerage that’s part of XP Inc. announced its intention to expand its operation portfolio, which will include cryptocurrency.
Neofeed was informed by the company that it intends to open a cryptocurrency exchange through its platform within the next year and to also enter the insurance industry. The company also expects to open a digital account and an associated card before the end of the year.
These products will be run by Banco XP, but managed through Rico’s branding. These products will be made available to 50% of the customers within 48 hours.
Be open to young investors
Rico will concentrate on the younger players, with an income of approximately $1,000, while other competitors place emphasis on large institutional investors or large investment accounts. Pedro Canellas from Rico said:
To help our clients become investors, savers and investors, we want them to be healthy consumers. This is a segment of the population few people see.
According to the company, these new additions could help it triple its userbase by 2025. Canellas said that the platform will allow users to make investments using a credit card.
This will ostensibly enable users to pay part of their investments monthly, and keep investing, even on the level of income that Rico’s average customer receives (around $2,000).
Rico is the latest platform to offer cryptocurrency services in Brazil. Neobanks Picpay, Nubank, and Picpay included crypto trading services on their platforms last year. Santander Unibanco has also announced it will be offering some crypto-focused services.
But not all banks are involved in this market. Bradesco, Brazil’s second-largest bank, recently clarified that they are not interested due to the market’s small size.
Let us know your thoughts about Rico’s plans to launch a crypto exchange in the next year. Leave a comment below.
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