Brazilian Crypto Exchange Foxbit Raises $21M in Series A funding, Led by OK Group


Cryptocurrency exchange Foxbit operating in Brazil, which is trading Bitcoin, Ether, Litecoin, TrueUSD and XRP etc, has announced that it has raised $21 million in a Series A round led by OK Group, owner of cryptocurrency exchange Okcoin.

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Foxbit on Tuesday said that the funds raised will be used to develop new technologies, expand the company’s products and technical teams, and potential acquisitions, and will focus on reducing transaction fees by integrating blockchain networks and attracting more Brazilian investment.

João Canhada, CEO of Foxbit said in a statement that:

“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 was founded on Dec 10, 2014, by the company’s CEO João Canhada, Luís Augusto Schiavon Ramos. Prior to this Series A funding, Foxbit has raised a total of $130K in funding over two rounds. The last funding was raised on Apr. 1, 2016, from a Seed round.

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