Brazilian Crypto Exchange Foxbit Raises $21M in Series A Funding

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.

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.