In an advanced communication, the largest digital bank by market value in Brazil, Nubank, sealed a partnership agreement with the prominent trading platform for institutional clients Talos. The two partners agreed to evaluate practical ways to reduce the cost of trading digital assets.
A recent report demonstrated that Brazil has witnessed rapid growth in crypto adoption. The exciting development of crypto adoption in Brazil has challenged Nubank and Talos to explore options to reduce transaction costs.
Nubank Partners with Talos
According to Brazil’s revenue service agency, crypto transactions constituted approximately 80% of the revenue. Despite the surge in crypto transaction volume, Nubank and Talos observed that Brazilians were still exposed to high transaction costs.
Under the partnership agreement, the two companies agreed to leverage proprietary tools and infrastructures to reduce transaction costs. The report illustrated that users of Nu applications will be allowed to trade their digital assets using the Brazilian reais at a friendly price.
The two companies agreed to use the features of Talos’ intelligent order routing engine (SORE) to support trade processes across diverse liquidity providers. The integration of SORE on Nubank aims at providing premium services to over 90 million customers.
Besides, the SORE Talos have a distinctive order execution management tool offering users premium trading services. The collaboration will support Nubank will leverage Talos technologies, such as algorithms that help customers complete transactions.
Additionally, Nubank plans to utilize Talos’ real-time market data, compliance tools and execution analysis to meet the ever-changing customers’ needs.
Factors Contributing to High Crypto Adoption in Brazil
A review of the Nubank website demonstrated that the financial institution has established a solid customer base in Brazil, Mexico, and Colombia. With the dynamism of the financial sector, Nubank introduced crypto trading in May last year.
Shortly after the launch of the Nubank trading platform, the Brazilian financial institution listed 15 crypto assets. An announcement by the leader of Nubank, Thomas Fortes, revealed that the bank plans to explore new ways to revamp its crypto trading platform.
The executive affirmed that Nubank plans to offer the crypto proponents a friendly, efficient and convenient platform. Fortes admitted that the partnership with Talos aims to provide bank customers with competitive prices.
The official stated that the proposed development aims to strengthen the security and reliability of the Nubank trading platform. He added that incorporating diverse settlement providers will offer crypto enthusiasts a forum to trade crypto assets conveniently.
In support of this, Anton Katz, the chief executive of Talos, argued that digital assets play a pivotal role in redefining the future of the Brazilian financial sector. The CEO was pleased to collaborate with Nubank to improve accessibility to digital assets liquidity in Brazilian reais. Katz restated that the partnership aims to offer customers considerable prices for digital assets.
The post Nubank Join Forces with Talos to Offer Cost-Effective Crypto Services in Brazil first appeared on CryptocyNews.com.
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