Brazilian digital asset technology firm Urban and institutional trading desk Grupo Caldeira OTC have merged their operations under the Urban brand. The new entity consolidates a platform that, according to the companies, transacted more than R$21 billion in virtual assets during 2026. By combining proprietary technology, liquidity, and compliance mechanisms, the merged business aims to serve fintechs, financial institutions, and corporate treasuries with expanded institutional services.
Complementary Capabilities Support Unified Platform
The transaction integrates Grupo Caldeira OTC's expertise in commercial management, client service, and crypto liquidity with Urban's automation, API integration, and traceability solutions. Grupo Caldeira OTC has focused on institutional liquidity, large trade execution, arbitrage, and market making, while Urban has built scalable proprietary infrastructure for digital assets and global payments. According to the companies, the convergence is intended to remove external infrastructure dependencies and enable integrated products for B2B and B2B2C markets.
Yago Carvalho, CEO of the new Urban, said each firm developed an essential competency for the institutional segment, with one side contributing operational and commercial excellence and the other creating scalable proprietary technology. Cristian Tolosa, CFO, added that the market has entered a more mature phase requiring scale, technology, liquidity, specialization, and governance. Caroline Caldeira, COO, said the company will preserve client proximity while offering a more complete and scalable structure.
Institutional Service Lines and Global Reach
The company will operate across three main service lines: liquidity provision for institutional clients, cross-border payments and international transfers using virtual assets, and Crypto as a Service. The Crypto as a Service model allows partners to use Urban's technology infrastructure to build their own financial products. Headquartered in São Paulo, with operational presence in Rio de Janeiro, the company connects Brazilian clients to markets in the United States, Europe, and Asia.
Israel Lujan, Director of Operational Treasury, said institutional clients need execution capacity, operational efficiency, and structure to handle large volumes with speed and security. The merger, he explained, expands this capacity and prepares the business for increasingly sophisticated demand. The new Urban serves a corporate base that includes fintechs, financial institutions, and company treasuries, while also reaching end consumers indirectly through institutional partners.
Regulatory Preparation and Market Context
The announcement comes as Brazil's virtual asset sector adapts to Central Bank of Brazil Resolutions No. 519, 520, and 521, which define rules for virtual asset service providers. Companies covered by the transition regime must present first phase documentation by October 30, 2026. Urban confirmed it is preparing an official authorization request as a Sociedade Prestadora de Serviços de Ativos Virtuais, or PSAV, but the application has not yet been filed.
Rafael Steinfeld, Chief Legal Officer, said regulation marks an important maturation stage that requires governance, controls, capital, and processes capable of sustaining complex operations. He added that the merger strengthens the company's ability to grow responsibly within a solid legal and regulatory framework. Demarest Advogados provided legal advice for the transaction, while UP TO Capital served as strategic advisor.
Urban's move follows a series of authorization requests from Brazilian and international companies. In public records tracked by specialized media, at least 11 companies have filed or announced virtual asset service provider applications, including Transfero, Mazzera, PFPay, OKX, and Brasil Bitcoin. Unlike several peers that have already reported protocol numbers, Urban is still preparing its submission and is not yet counted among filed requests.
The merger positions the new Urban as a more complete institutional platform in Brazil's evolving digital asset market. By uniting liquidity, proprietary technology, compliance, and operational support under one brand, the company aims to meet rising demand for secure and efficient digital asset services. Its ability to combine these resources will be tested as regulation advances and competition for central bank authorization intensifies.