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Brazilian Crypto Exchange Foxbit Raises $21M in Series A Funding
Funds will be used for developing new technology, team expansion and potential acquisitions, the company said.
Updated May 9, 2023, 3:38 a.m. Published Feb 22, 2022, 7:01 p.m.
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This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.
Brazil-based crypto exchange Foxbit has raised $21 million in a Series A funding round led by OK Group, owner of crypto exchange Okcoin.
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- Funds will be used for the development of new technologies, expansion of the company’s product and technology teams and potential acquisitions, Foxbit announced on Tuesday.
- "The company has evolved a lot in recent years and together with my partners we understood that this investment was now a necessary step to further improve the services provided to our customers," Foxbit CEO João Canhada said in a statement.
- Foxbit had been operating independently until now, the CEO said, adding that the exchange is holding conversations for potential new financing in the near future.
- Founded in 2014 by João Canhada and Luís Augusto Schiavon, the company currently has 950,000 customers, according to its web site.
- After the funding round, Foxbit plans to facilitate lower fees by integrating blockchain networks and boost its business-to-business segment by attracting traditional Brazilian players to crypto, the company said.
Read More: Why Brazilians Are Turning to Stablecoins Like Tether
This article was translated by Andrés Engler and edited by CoinDesk. The original Portuguese article can be found here.
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