Brazilian Crypto Company Moves Into European Markets With New Partnership
The firm will also be receiving a 15 million euro investment from Azimut to assist in its expansion efforts
marchello74/Shutterstock.com modified by Blockworks
Capitual, a multicurrency digital bank that offers cryptocurrencies in Brazil, has partnered with Azimut to expand its services to various European countries and Mexico.
The Brazilian company that offers fiat on-ramp services is the point of entry into its country for many sizeable global cryptocurrency exchanges, including Kucoin, Huobi and Bitget, but this latest partnership will finally allow the company to offer its services internationally.
“We want to replicate the product we have in Brazil in other countries, serving our partners in other jurisdictions as well,” Guilherme Nunes, chief executive of Capitual, told Valor Econômico, a news company based in Brazil. “The idea is to become a center of blockchain technology in these markets,” he added.
Azimut will also invest 15 million euros ($16.1 million) into Capitual to assist with its expansion ambitions. This latest funding will bring Capitual’s valuation to 302 million euros, edging it closer to unicorn status in Brazil.
The asset management firm has always had an interest in cryptocurrencies. In September 2021, it launched a $75 million venture fund with SBI Group and Sygnum to invest in early-stage startups working on decentralized finance DeFi, blockchain and distributed ledger technology (DLT) infrastructure projects.
Giorgio Medda, the CEO of Azimut, noted on LinkedIn that this latest partnership reflects the firm’s belief that blockchain technology will eventually change the financial services industry as we know it.
“The partnership with Capitual focuses on the technology built to ensure protection and compliance in the infrastructure embedding the disruptive changes which are forming new business paradigms in our industry,” Medda said.
Get the news in your inbox. Explore Blockworks newsletters:
- The Breakdown: Decoding crypto and the markets. Daily.
- 0xResearch: Alpha in your inbox. Think like an analyst.
