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Brazilian Rico will offer cryptos, insurance, online banking and credit cards
Brazilian banks and financial companies have improved their offerings by entering the crypto space to meet the growing demand for crypto products from their customer base.
Rico, a brokerage platform in Brazil, has announced plans to enter the crypto market by offering digital asset products and services starting next year. The company will also expand into the banking sector with plans to launch credit card and digital account services, mirroring other companies such as Nubank which have already taken similar steps earlier.
Lately, Brazilian banks and financial companies have improved their offerings by entering the crypto space to meet the growing demand for crypto products from their customer base. Among the latest to join the trend is brokerage platform Rico, a subsidiary of Sao Paulo-based investment management firm XP Inc., which recently announced its expansion plans to include crypto, credit cards credit and online banking services to allow it to offer a full package of investments under the roof, Bitcoin.com reported.
Rico plans to launch a crypto exchange on its platform and enter the insurance business by next year. He also revealed that he would launch his digital accounts and credit card services by the end of this year. The new products will be managed by Banco XP but will be under the Rico brand.
Rico stands out from its competitors, who focus their efforts on capturing large investment accounts and institutional clients. Instead, the brokerage platform will focus on young investors with a monthly income of around $1,000.
“We want to help customers have healthy consumption so that they can become savers, investors and, later, great investors,” said Pedro Canellas of Rico. “We are going to reach a part of the population that few people watch.”
With the addition of these new services, Rico plans to triple its number of users by 2025. Canellas revealed that the company will introduce a feature allowing customers to make investments using their credit cards , which would allow customers to continue their monthly payments. uninterrupted investment plans despite unforeseen expenses.
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