Brazil’s Rico to offer crypto, insurance, online banking, and credit cards
Brazilian banks and financial companies have upgraded their offerings by entering into the crypto space to meet the growing demand for crypto products from their clientele.
Tue, 30 Aug 2022, 07:23 am UTC
Rico, a brokerage platform in Brazil, has announced plans of entering the crypto market by offering digital asset products and services starting next year. The company will also be expanding into banking with plans of launching credit card and digital account services, mirroring other companies such as Nubank, which already made similar moves earlier.
Lately, Brazilian banks and financial companies have upgraded their offerings by entering into the crypto space to meet the growing demand for crypto products from their clientele. Among the latest to join the trend is the brokerage platform Rico, a subsidiary of the São Paulo-based investment management company XP Inc., which recently announced its expansion plans to include crypto, credit cards, and online banking to enable it to offer a complete package of investments under roof, Bitcoin.com reported.
Rico plans to launch a crypto exchange on its platform and enter into the insurance business by next year. It also revealed that it will launch its digital accounts and credit card services by the end of this year. The new products will be run by Banco XP but will be under Rico’s branding.
Rico is setting itself apart from its competitors, who are focusing their efforts on bagging large investment accounts and institutional clients. Instead, the brokerage platform will focus on younger investors whose monthly income is around $1,000.
“We want to help clients to have a healthy consumption so they can become savers, investors and, later, big investors,” Rico’s Pedro Canellas said. “We are going to reach a part of the population that few people are looking at.”
With the addition of these new services, Rico expects to triple its number of users by 2025. Canellas revealed that the company will introduce a feature where customers will be able to make investments using their credit cards, which will supposedly allow clients to continue their monthly investment plans uninterrupted despite unexpected expenses.
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