In another step towards developing the cryptocurrency trading platform Nubank Cripto, Nubank (NYSE:NU) announced its integration with Talos, the provider of institutional digital asset trading technology.
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.”
Thomaz Fortes, leader of Nubank Cripto, said:
“Nubank Cripto will continue to evolve as a platform that combines simplicity and robustness for cryptocurrency enthusiasts. With Talos, we have made further progress in this direction to offer users even more competitive prices securely and reliably when trading cryptocurrencies through an extensive network of settlement providers.”
Currently, more than 60 partners make up “the Talos Provider Network for cryptocurrency trading operations, including the Chicago Mercantile Exchange and the Chicago Board Options Exchange.”
Talos provides connectivity to venues “that allow for FX, Spot, Futures, Perpetuals and Options trading while simultaneously providing advanced tooling for Portfolio and Treasury Management. 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.”
Anton Katz, CEO and Co-Founder of Talos, said:
“Digital assets have an important role to play in the financial future of Brazil, and we are proud to be working with Nubank to help expand access to digital asset liquidity in local currency to help deliver best price execution to their customers. As Nubank grows in Latin America, Talos’s services can scale to support their customers in other countries and currencies in the future.”
Talos’s order execution management technology is “designed to deliver advanced trading capabilities and greater efficiency to partner companies and their end customers. One of the key features is smart order routing to various liquidity providers with whom Nubank may work.”
The Talos platform for Nubank Cripto also “includes algorithms developed exclusively for customer transactions, real-time market data integration, execution analysis, and compliance tools.”
The integration with Talos comes “at a time of diversification in the offering of cryptocurrencies within the Nubank Cripto experience. In 2023 alone, 11 new digital asset options have been added for trading, including the latest addition: the stablecoin USDC.”
Currently, there are 15 cryptocurrencies “available in the app, in addition to Nucoin, a utility token for the loyalty program.”
The platform has made significant improvements “in security by adopting Fireblocks’ software for managing digital asset operations on the blockchain. Through this widely recognized and adopted technology by leading crypto custodians worldwide, Nubank has developed its proprietary custodial solution for Nubank Cripto customers’ crypto assets.”
This initiative ensures the implementation of “the strictest governance practices in the industry. Talos also integrates with Fireblocks, ensuring efficient and automated workflows.”