Brazilian Bitcoin Market Consolidates With Exchange Acquisition

Brazilian bitcoin exchange Foxbit has acquired payment processor BitInvest.

Aug 1, 2016 at 7:47 p.m. UTC
Updated Sep 14, 2021 at 1:59 p.m. UTC

Brazilian bitcoin exchange Foxbit has acquired payment processor BitInvest in an acquisition worth less than $1m.

With the sale, the exchange said it is seeking to acquire new users and reinforce its position in Brazil’s nascent bitcoin market.

Foxbit said BitInvest founder Flavio Pripas, the former founder of the social network Fashion.me, will serve on its board. All BitInvest accounts will be converted to Foxbit accounts as part of the deal.

The acquisition is notable given the early traction seen by BitInvest, which inked a deal in 2014 with Tecnisa, a domestic real estate firm that was Latin America's largest merchant to accept bitcoin at the time.

Still, Foxbit chief blockchain officer João Paulo Oliveira said he expects additional acquisitions as the Brazilian market matures.

Oliveira said:

"We are in an interesting position, as the bitcoin ecosystem grows, exchanges that are not growing will be less competitive. It is a matter of process."

According to data from Bitvalor, Foxbit sees about 310 BTC (or $189,000) in bitcoins trade daily on its exchange, a figure that accounts for roughly 55% of the market.

Oliveira said Foxbit aims to continue its momentum from the acquisition by launching a debit card for users and a consumer wallet later this year.

Foxbit said no additional employees will join the startup as part of the deal.

Image via Foxbit

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

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.

Trending

1
CoinDesk - Unknown
Coinbase-Led Travel Rule Group Grows Members, Expands to Canada and Singapore

The original group of founding crypto blue chips has now swollen to over 30, including heavyweights like Binance US, Circle, Robinhood and Paxos.

The original group of founding crypto blue chips has now swollen to over 30, including heavyweights like Binance US, Circle, Robinhood and Paxos.

CoinDesk - Unknown
2
CoinDesk - Unknown
Bitcoin Records Eighth Week of Losses, but Sentiment Indicator Suggests Upside

Sentiment indicators reached “rock bottom” on Monday amid a prominent fund manager calling for a retest of 2019’s price levels.

Sentiment indicators reached “rock bottom” on Monday amid a prominent fund manager calling for a retest of 2019’s price levels.

CoinDesk - Unknown
3
CoinDesk - Unknown
Coinbase Enters Fortune 500 List of Biggest US Companies

The first crypto company to join the list recorded revenue of over $7.8 billion in fiscal 2021 and placed 437th.

The first crypto company to join the list recorded revenue of over $7.8 billion in fiscal 2021 and placed 437th.

CoinDesk - Unknown
4
CoinDesk - Unknown
Climate Company Flowcarbon Raises $70M Through A16z-Led Round, Sale of Carbon-Backed Token

Flowcarbon aims to drive investment in projects that remove carbon from the atmosphere by creating a protocol that tokenizes carbon credits.

Flowcarbon aims to drive investment in projects that remove carbon from the atmosphere by creating a protocol that tokenizes carbon credits.

CoinDesk - Unknown