By Bitcoin.com - 4 months ago - Reading Time: 2 minutes
Warren Buffett-Backed Nubank Collaborates With Circle and Talos to Increase Crypto Access in Brazil
Warren Buffett-backed Nubank is collaborating with crypto firms Circle and Talos to increase crypto access and adoption in Brazil. Nubank Cripto has added 11 new cryptocurrency options to the platform this year. “We continue to see strong demand across Latin America for access to dollars, specifically in Brazil, which has emerged as a driving force for digital currency use and adoption in the region,” said the CEO of Circle after Nubank listed USDC.
Nubank Collaborates With Circle and Talos
Brazilian neobank Nubank made two major crypto announcements on Tuesday. The first is its partnership with crypto firm Circle to launch stablecoin USDC within the Nubank Cripto app. The second is the integration with Talos, a leading provider of institutional digital asset trading technology, to reduce trading costs for customers purchasing crypto assets with Brazilian reais.
Nubank is one of the largest fintech banks in Latin America, with 80.4 million customers in Brazil, 1.51 million clients across Mexico and Colombia, and a revenue of $1.69 billion. The digital bank is backed by investors including Warren Buffett’s Berkshire Hathaway and Softbank Group Corp. The bank’s announcement details:
With the listing of USDC, Nubank Cripto has added a total of 11 new cryptocurrency options to the platform throughout 2023. The shelf now has 15 digital assets as alternatives in addition to Nucoin, a utility token for the loyalty program.
Circle explained on Tuesday that its partnership with Nubank aims to “increase digital dollar access in Brazil,” adding: “USDC support will initially be rolled out as part of Nubank Cripto, providing its Brazilian users with access to buying and holding digital dollars … Future opportunities for integration with Nubank’s broader digital banking platforms offers the potential for Nubank’s customers to gain the benefit of blockchain-based financial services powered by USDC.”
Jeremy Allaire, Circle’s CEO and co-founder, opined:
We continue to see strong demand across Latin America for access to dollars, specifically in Brazil, which has emerged as a driving force for digital currency use and adoption in the region.
Regarding its integration with Talos, Nubank detailed: “With this partnership, customers who wish to trade crypto assets in Brazilian reais through the Nu app will benefit from reduced costs through Talos’s Smart Order Routing engine and connectivity to optimize trade execution across multiple liquidity providers.”
Currently, the Talos Provider Network, comprising over 60 partners for cryptocurrency trading activities, counts the Chicago Mercantile Exchange and the Chicago Board Options Exchange among its members. “Through Talos’s services, Nubank will have the ability to source liquidity from local providers in native Brazilian real pairs as well as from global partners for US dollar pairs and also token to token swaps enhancing the ability to deliver best price execution to Nubank’s customers,” the bank described.
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Original source: Bitcoin.com