Cryptocurrency users in Brazil can now buy and sell digital assets, including Bitcoin and Ethereum, at a reduced cost.
According to a December 6 press release, Brazilian digital bank Nubank entered into a strategic partnership with Talos, an institutional trading technology provider, to trim the cost of buying and selling crypto assets in the country.
Thomaz Fortes, head of Nubank Cripto, said:
“With Talos, we have made further progress in this direction to offer users even more competitive prices securely and reliably when trading cryptocurrencies through an extensive network of settlement providers.”
Details of the Partnership
Under the partnership, the leading Brazilian digital bank by market value will integrate its crypto trading platform, Nubank Cripto, with Talos’ Smart Order Routing engine to optimize trade execution across several liquidity providers.
The press release noted that the Talos Provider Network for crypto trading operations comprises 60 partners, including the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME).
Notably, Talos establishes connections to venues supporting spot, futures, FX, perpetual, and options trading. Through Talos’ services, Nubank can source liquidity from local and global providers.
While the local providers offer liquidity in Brazilian real pairs, its global counterpart will provide liquidity for U.S. dollar pairs. This, according to the announcement, will enable Nubank customers to receive the best price execution.
Nubank Offering
For context, Nubank was launched on May 6, 2013, with its headquarters located in São Paulo, Brazil. The digital bank is ranked as the largest fintech company in Latin America, with a valuation of $45 billion as of December 2021.
Notably, Nubank serves over 85 million customers across Brazil, Mexico, and Colombia. The bank flagged off its crypto service platform, Nubank Cripto, in May 2022. At the moment, Nubank Cripto offers a total of 15 crypto assets, including BTC and ETH.
Nubank Partners Circle Partners for USDC Integration
Meanwhile, the development comes hours after popular stablecoin issuer Circle partnered with Nubank to expand USDC access to Brazilian customers.
Per the announcement, USDC will first be added to the list of supported assets on Nubank Cripto. Furthermore, the USD-pegged stablecoin will be integrated into Nubank’s digital banking platform in the future.
“Our partnership with Nubank marks a significant moment in expanding the global reach of USDC, and an important step towards building the new internet financial system,” said Jeremy Allaire, CEO and Co-Founder at Circle.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
