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