Brazilian Fintech Company Capitual Partners With Azimut To Offer Crypto Services In European Markets – Fintech Bitcoin News

Capitual, a Brazilian fintech company that offers cryptocurrency brokerage services, has partnered with Azimut, an asset management firm, to expand its service offering to Europe. The deal, which contemplates an investment of €15 million (about $16.2 million), will allow Capitual to begin operating in Mexico, where Azimut has a significant presence and business.

Capitual receives €15 million investment from Azimut

Fintech companies serving the cryptocurrency market have begun to capture the attention of more traditional asset management firms. Capitual, a fintech company that acts as a bridge to legacy funding for several crypto exchanges in Brazil, has completed a partnership agreement with Azimut, an Italian asset management firm. The deal, which includes an investment of €15 million (about $16.2 million), will allow the company to expand its services to European countries.

The expansion will also consider Capitual establishing a presence in Mexico and offering its services there. Customers of the firm include several exchanges such as Kucoin, Huobi and Bitget, which rely on the company to route their payments and withdrawals using Brazil’s traditional banking system.

On the goal that the company wants to achieve with this expansion, Guilherme Nunes, CEO of Capitual, stated:

We want to replicate the product we have in Brazil in other countries, and serve our partners in other jurisdictions. The idea is to become a center for blockchain technology in these markets.

Azimut’s contribution

The two companies aim to complement each other’s activities, with Azimut benefiting from the company’s expertise in dealing with cryptocurrency and blockchain, and Capitual benefiting from Azimut’s knowledge in traditional finance and regulatory compliance in these new markets.

Azimut’s interest in blockchain is not new, as the firm was one of the first to launch a blockchain-based security instrument back in 2021, backed by Sygnum bank. Now the company wants to bring a series of blockchain instruments, including asset tokenization and crypto investment management, to Brazil, hand in hand with Capitual. Giorgio Medda, Azimut’s managing director for asset management and fintech, told O’Globo about the issue:

We are convinced that blockchain technology is pushing the boundaries of the financial industry as we know it.

With this capital injection, Capitual’s valuation reaches €302 million (about $327 million), putting it closer to its goal of becoming a Brazilian unicorn. The company was Binance’s partner in Brazil until the exchange announced that it was taking legal action against it due to the suspension of withdrawals back in June 2022.

What do you think of the partnership between Capitual and Azimut? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price spike occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, offering a different point of view on crypto success and how it helps the unbanked and underserved.

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