Foxbit is the first in Latin America to receive investment from a global strategic player with an established presence in the crypto market
São Paulo, Brazil—February 2022 – Foxbit, a pioneer and one of the largest cryptocurrency and digital asset exchanges in Brazil, is pleased to announce that it has completed its Series A funding round with a US$ 20 million investment led by OK Group.
OK Group will support Foxbit as an investor and strategic business partner with one of the best and most robust technology platforms in the world. IGC Partners and Pinheiro Neto Advogados advised Foxbit in the round and will continue to work together with the company in its future strategic moves.
The partnership with OK Group will provide extensive experience and expertise to strengthen Foxbit’s infrastructure, increasing overall quality and liquidity to support company nationwide growth. The funds will be used for the development of new technologies, investment in liquidity, new products and technology teams and strategic acquisitions.“The partnership with OK Group not only validates a success story resulting from the tireless work of the Foxbit team for excellence, it will enable the expansion and continuous improvement of our products for our current and future customers,” said João Canhada, Foxbit CEO.
The cryptocurrency segment recorded the largest growth overall in the last 10 years. The year 2021 was marked by the consolidation of the market with the rise of bitcoin and other digital assets such as NFTs, DeFis, Game Coins and Meme Coins.
For Foxbit it was no different, the company is a multi-service crypto solution, not only for the users on the exchange but also for entry into the B2B and B2B2C market, where the company aims to be the key partner for national players to enter the crypto asset market. In 2021, more than 30 new coins were launched on its platform, in addition to the expansion of crypto-as-a-service services in partnership with large Brazilian companies, asset tokenization and crypto payment that were represented by Foxbit Tokens, Foxbit Pay and Compra Fácil.
The latest market movements suggest Brazilians have multiple incentives to buy cryptocurrencies. The partnership with Foxbit is OK Group’s first strategic investment in Latin America as the two companies work together to develop this promising sector in Brazil.
“Since its foundation, Foxbit has operated independently with no major investors behind it. The company has evolved a lot in recent years and together with my partners, Felipe Trovão and Ricardo Dantas, we understand this investment is a necessary step for us to improve the services we provide to our customers. OK Group is one of the largest crypto ecosystems in the world, and Brazil – a large expanding market – is a perfect match. With this, we will align our strengths and trust with OK Group technology and liquidity,” said Canhada.
“Foxbit is an outstanding and well-established crypto company in the whole LATAM market, especially in Brazil. It has built a strong user base with an extraordinary reputation, and we are willing to support Foxbit’s continuous product development and improvements to the trading experience for LATAM users,” said Estrella from OK Group Investment Department.
The injection of values into Foxbit’s operation will help the company to accelerate its mission to build a practical, simple and accessible future in the crypto economy. Foxbit plans to introduce new additions and integrations to the product portfolio, lower service fees with more blockchain networks, increase the platform and app speed, and develop solutions to support the growth of the B2B market, while attracting traditional investors in Brazil.
“We will also reinforce our operation at the OTC desk, Foxbit Invest which is fully capable of serving the entire Brazilian financial market with the largest partner in the world. It trades more than US$ 20 billion daily with the best technology on the market for any size of operation,” said Ricardo Dantas, CO-CEO of Foxbit.
Foxbit started the fundraising process at the end of last year and will continue with strategic conversations in the near future.
“The entry of OK Group contributes a lot to this process During conversations with financial players we realized the segment is still very new for many investors, and having one of the biggest players in the world as a partner certainly solidifies our thesis and increases our appetite for national and international players,” completed Dantas
Foxbit was born in 2014 with the desire to develop a solid and credible market for trading bitcoin and other cryptocurrencies in Brazil. It has consolidated itself as one of the largest and oldest cryptocurrency and digital asset exchanges with more than 20 billion reais traded so far, with almost one million registered customers. In 2021, it expanded its business with new products and services aimed at the B2B and B2B2C market such as asset tokenization, crypto-as-a-service and crypto payment methods.
About OK Group
OK Group is the world’s leading blockchain group, and also one of the earliest blockchain enterprises. Since its establishment in 2013, OK Group is always dedicated to the technical development and business application of blockchain. Currently OK Group has developed into a global large-scale blockchain technology and service provider. it has branches or offices in more than 10 countries and regions such as the United States, Europe, and Japan, and OK Group’s business covers more than 180 countries and regions, serving more than 50 million users all overthe world.