Based in Brazil, Capitual offers crypto intermediation services and the fintech firm has entered into a partnership with asset management firm Azimut for expanding its services across Europe.
The deal in question is valued at around €15 million, or $16.2 million, and would enable Capitual to start offering its services in Mexico, where Azimut has its own operations and enjoys a significant presence.
New partnership
In recent days, a greater number of traditional asset management companies have turned their attention towards fintech companies that serve the crypto market.
A fintech firm, Capitual plays the role of a bridge to legacy finance for numerous crypto exchanges that are operating in Brazil.
It recently partnered with Italian asset management company Azimut for allowing it to expand its services to other countries in Europe.
The expansion would also include Capitual exploring the idea of establishing a base in Mexico in order to start offering its services in the country.
The company caters to some renowned crypto exchanges, which include Bitget, Huobi, and Kucoin and they depend on the company to route their withdrawals and payments via the traditional banking system in Brazil.
The goal
Capitual’s executive director, Guilherme Nunes, talked about the goal that the fintech firm wishes to achieve through this expansion.
He stated that their aim was to offer the same products they are offering in Brazil to other countries and also cater to their partners in several other jurisdictions.
He said that their purpose was to become a hub for blockchain technology in as many markets as possible.
Azimut’s role
The aim of the two companies is to complement their activities, with Azimut taking advantage of the expertise of Capitual in dealing with matters related to blockchain and crypto.
Likewise, Capitual hopes to use the know-how that Azimut has about traditional finance as well as its regulatory compliance in various markets.
It should be noted that it is not the first time that Azimut has taken an interest in the blockchain space. In fact, it was one of the first companies that introduced a blockchain-based security instrument in 2021.
The asset management firm was able to accomplish this goal with support from Sygnum bank. Now, the company is interested in introducing a number of blockchain instruments.
These include crypto investment management and asset tokenization in Brazil, thanks to its partnership with Capitual.
The chief executive of the fintech area and resource management at Azimut, Giorgio Medda said that blockchain technology could transform the landscape of the financial services industry.
Thanks to the latest capital injection, Capitual would see its total valuation reach the €302 million mark, which puts it closer to the possibility of becoming a Brazilian unicorn.
The company had been in a partnership with the world’s largest crypto exchange, Binance, in Brazil, which ended last year.
This was after Binance announced that it would take legal action against the company because it had suspended the withdrawals in June of the previous year.