OK Group leads $21 million Series A for Brazilian exchange Foxbit

Chinese blockchain company OK Group led a $21 million Series A funding round for Brazilian exchange Foxbit, according to reports from Bloomberg Línea and others. 

According to the news reports, Foxbit will use the funds for hiring, technology and possible acquisitions. 


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Sao Paulo-based Foxbit was founded in 2014 by João Canhada and Luís Augusto Schiavon, according to its webite. Felipe Trovão was the company's first investment partner. The exchange has close to 1 million registered users.

In 2020, Foxbit saw transactions of more than 3 billion Brazilian reais ($593 million), and said in December that it has transacted more than 9 billion reais in its history (nearly $1.8 billion). The company's workforce grew by 40% in 2021, according to a company blog.

Foxbit supports a wide range of assets, including cryptocurrencies like Bitcoin and Ethereum as well as stablecoins and utility tokens. On February 16 added five new crypto assets: Shiba Inu (SHIB), Gala (GALA), Fantom (FTM), LooksRare (LOOKS) and Illuvium (ILV). It also offers the bitcoin payment platform Foxbit Pay, crypto-as-a-service product Compra Fácil Cripto and asset tokenization service Foxbit Tokens.

About Author

Kristin Majcher is a senior correspondent at The Block, based in Colombia. She covers the Latin America market. Before joining, she worked as a freelancer with bylines in Fortune, Condé Nast Traveler and MIT Technology Review among other publications.