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Brazilian bitcoin exchange Foxbit looks to grow with the acquisition of Bitinvest

In an acquisition deal valued less than $1 million, Brazilian bitcoin exchange Foxbit has acquired Bitinvest, which is an exchange and payment processing company.

Bitinvest is also located in Brazil, and with the acquisition Foxbit looks to grow their customer base in the region and strengthen their business.

The Bitinvest website has already been changed to direct all users to Foxbit. If you are a Bitinvest customer, your account will be migrated to a Foxbit account, preserving all account balances.

FoxBit lets people buy and sell bitcoins using their online exchange trading platform. Users can fund their accounts with a direct bank transfer (TED, DOC) using the Brazilian Real (BRL). Once a user is verified they can begin to buy or sell. FoxBit is open source and a white label exchange in partnership with BlinkTrade.

Foxbit chief blockchain officer João Paulo Oliveira told CoinDesk he expects additional acquisitions as the Brazilian market matures. Oliveira said,

“We are in an interesting position, as the bitcoin ecosystem grows, exchanges that are not growing will be less competitive. It is a matter of process.”

Currently in the Brazilian market, there are a few other bitcoin exchanges serving the region such as CoinBR, FlowBTC, Basebit, Bitcoin To You, and Mercado Bitcoin.

Tags in this story
bitcoin exchanges, BitInvest, Brazil, Foxbit, Latin America
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David Shares

David is a writer, researcher, and developer who is passionate about bitcoin and blockchain. He writes for Bitcoin.com, Blockchain.com, and is the founder of Bitcoinx.io (which was acquired by Bitcoin.com). David previously used to write and curate for Myspace and has worked in the fintech and payments space for over 15 years.