Caldeira OTC and Urban merge in Brazil, combining over $4.17 billion in virtual asset operations

Brazilian crypto trading desk Caldeira OTC and virtual asset technology developer Urban announced their merger under the Urban brand, consolidating more than $4.17 billion in virtual asset transactions so far in 2026.

The combined company is headquartered in São Paulo with operational presence in Rio de Janeiro, serving fintechs, financial institutions, and corporate treasuries. The merger was supported by strategic advisory from UP TO Capital and legal counsel from Demarest Advogados, though financial terms were not disclosed.

Caldeira OTC, founded in 2019 in Niterói, contributes its trading desk, crypto liquidity, and commercial operations expertise. Urban adds its proprietary automation technology, API integration capabilities, and traceability infrastructure.

The merged entity will focus on three areas: providing liquidity for institutional trading, facilitating cross-border payments and transfers using virtual assets, and offering a crypto-as-a-service model where Urban's infrastructure supports partners in developing their own products.

The executive team combines leadership from both companies, with Yago Carvalho as CEO and Caroline Caldeira as COO from Caldeira OTC, joined by Cristian Luján as CFO from Urban. Israel Lujan leads operational treasury and Rafael Steinfeld heads legal affairs.

The merger coincides with a regulatory deadline set by the Central Bank of Brazil, requiring existing operators to apply for authorization as virtual asset service providers under resolutions 519, 520, and 521. Urban is preparing its application.

Startups Latam reported the story.