Brazilian Fintech company Capital cooperates with Azimut to offer cryptodic services in European markets-fintech
Brazilian Fintech company Capital cooperates with Azimut to offer cryptodic services in European markets-fintech
Capitual, a Brazilian FinTech company that offers placement services for cryptocurrencies, a partnership with Azimut, an asset management company, has been discussed to expand its range of services to Europe. The transaction, which provides for an investment of 15 million euros (approx. 16.2 million US dollars), would enable capitual to work in Mexico, where Azimut has a significant presence and branches.
Capital receives 15 million euro investment from Azimut
FinTech companies that serve the cryptocurrency market have started to attract the attention of more traditional wealth management companies. Capitual, a fintech company that serves as a bridge for legacy financing for several crypto exchanges in Brazil, has concluded a partnership agreement with Azimut, an Italian asset management company. The deal, which includes an investment of 15 million euros (approx. 16.2 million US dollars), will enable the company to extend its services to European countries.
The expansion also provides that Capitual builds up a presence in Mexico and offers its services there. The company's customers include several stock exchanges such as Kucoin, Huobi and Bitget, which trust that the company will lead its payments and withdrawals through the traditional Brazilian banking system.
The goal that the company wants to achieve with this expansion said Guilherme Nunes, Executive Director of Capitual:
We would like to replicate the product we have in Brazil in other countries and also serve our partners in other countries. The idea is to become a center of blockchain technology in these markets.
Azimut's contribution
The two companies aim to complement the activities of the other, whereby Azimut benefits from the expertise of the company in dealing with cryptocurrency and blockchain and captual from Azimut's know-how in the areas of traditional finances and compliance with legal regulations in these new markets.
Azimut's interest in blockchain is not new, since the company, as one of the first companies, launched a blockchain-based security instrument with the support of Sygnum Bank in 2021. Now the company wants to bring a number of blockchain instruments including asset tokenization and crypto investment management to Brazil hand with a capitual. Giorgio Medda, CEO of Azimut for the area of resource management and fintech, tells o’globo:
We are convinced that blockchain technology is drawn up the limits of the financial services industry, as we know it.
With this capital injection, Capitual achieves an assessment of 302 million euros (approx. $ 327 million) and thus approaches its goal of becoming a Brazilian unicorn. Until the exchange of the partners of Binance in Brazil in June 2022.
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