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.

AccessTimeIconFeb 22, 2022 at 7:01 p.m. UTC
Updated Feb 22, 2022 at 7:48 p.m. UTC

Rodrigo Tolotti is a crypto editor at InfoMoney, a leading financial news publication in Brazil. He graduated in Journalism from Faculdade Cásper Líbero.

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.

  • 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.

This article was translated by Andrés Engler and edited by CoinDesk. The original Portuguese article can be found here.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Rodrigo Tolotti is a crypto editor at InfoMoney, a leading financial news publication in Brazil. He graduated in Journalism from Faculdade Cásper Líbero.

CoinDesk - Unknown

Rodrigo Tolotti is a crypto editor at InfoMoney, a leading financial news publication in Brazil. He graduated in Journalism from Faculdade Cásper Líbero.

Trending

1
CoinDesk - Unknown
CoinShares Completes Napoleon Acquisition, Can Now Offer Products Across EU

The acquisition of Napoleon Asset Management was subject to approval by the AMF, which was granted on June 28.

CoinDesk - Unknown
2
CoinDesk - Unknown
Coinbase Says Miners’ Sales of Newly Minted Bitcoins Don’t Add Significant Market Pressure

If all newly issued bitcoin were immediately sold onto the market each day, it would equate to only 900 BTC of selling pressure, the report said.

CoinDesk - Unknown
3
CoinDesk - Unknown
WonderFi Closes Acquisition of Crypto Trading Platform Coinberry

The Canadian crypto firm says it's open to more deals for firms hit by the crypto winter.

CoinDesk - Unknown
4
CoinDesk - Unknown
Crypto Lender Celsius Cuts 150 Jobs Amid Restructuring: Report

Withdrawals are still paused and the company has hired restructuring experts as it faces a financial crisis.

CoinDesk - Unknown