Is the era of high-cost cryptocurrency trading coming to an end in Brazil? A recent partnership between a top Brazilian digital bank and an institutional trading technology provider might suggest so. This Brazilian Fintech Bank Partnership is set to significantly reduce the cost of buying and selling Bitcoin and Ethereum in the country.
A Strategic Collaboration in the Crypto Space
The partnership in question is between Nubank, a leading Brazilian digital bank, and Talos, a provider of institutional trading technology. Announced in a press release on December 6, this collaboration aims to make cryptocurrency trading more affordable in Brazil. Thomaz Fortes, the head of Nubank Cripto, stated that this partnership with Talos would allow them to offer users more competitive prices securely and reliably through an extensive network of settlement providers.
What Does the Partnership Entail?
The partnership will see Nubank integrating its crypto trading platform, Nubank Cripto, with Talos’ Smart Order Routing engine. This integration will optimize trade execution across multiple liquidity providers. The Talos Provider Network, which supports crypto trading operations, includes 60 partners, such as the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME).
Thanks to Talos’ services, Nubank will be able to source liquidity from both local and global providers. Local providers will offer liquidity in Brazilian real pairs, while global providers will provide liquidity for U.S. dollar pairs. This will ensure that Nubank customers receive the best price execution.
Nubank’s Crypto Journey
Established in São Paulo, Brazil, in 2013, Nubank has grown to become the largest fintech company in Latin America, valued at $45 billion as of December 2021. The bank currently serves over 85 million customers across Brazil, Mexico, and Colombia. Nubank launched its crypto service platform, Nubank Cripto, in May 2022, which currently offers a total of 15 crypto assets, including Bitcoin and Ethereum.
In a separate development, Nubank also recently partnered with Circle, a popular stablecoin issuer, to expand USDC access to Brazilian customers. This integration will initially see USDC added to the list of supported assets on Nubank Cripto, with plans to incorporate it into Nubank’s digital banking platform in the future.
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Note: The information provided in this article is for informational purposes only and should not be considered as financial advice. Always conduct thorough research before making any investment decisions.
