Rico To Expand Operations Into Banking And Cryptocurrency

A Brazilian brokerage company called Rico, a part of XP Inc., has declared it is extending its range of services to embrace cryptocurrencies. According to the company’s statement, it also intends to penetrate the insurance industry in addition to launching a cryptocurrency exchange on its platform in the upcoming year. The business also plans to introduce a digital account with a corresponding card by the end of this year. Banco XP will be in charge of these items, but Rico’s name will be used to handle them. At launch, the company anticipates that 50% of customers will have access to these goods. Accessibility For Young People Rico will concentrate on younger players in the field, whose annual income is around $1,000, while other competitors will focus on institutional investors and prominent investment accounts. Pedro Canellas of Rico commented on this interest in these frequently ignored investors as follows: “We want to help clients to have a healthy consumption so they can become savers, investors, and, later, big investors. We are going to reach a part of the population that few people are looking at.” Investments Through Credit Card With these developments, the business is sure its user base will have tripled by 2025. Canellas claims that one of the platform’s features will include the option to make investments using a credit card. As a result, customers should be able to continue investing and paying off a portion of ...