Foxbit is looking for more investors to grow.
Foxbit, one of the first and one of the main crypto exchanges in the country, raised US$ 21 million (about R$ 110 million) in a series A round led by the Chinese OK Group. The group develops blockchain technology solutions and has the OKX exchange, formerly OKEx, and OKCoin. With this, OK is the second largest cryptocurrency exchange in the world.
“After seven years of bootstrapping operation (with our own resources), we had the first series A investment in Foxbit,” said the exchange’s CEO and founder, JoĂŁo Canhada. The company continues, however, in talks for potential new funding.
Series A means attracting investors to increase the user base and launch more products and services. Foxbit said the funds could also go towards acquisitions. This is the series following the seed, which is the initial good of a startup. The size of the stake Foxbit sold was not revealed, but it is in the minority.
“In addition to the vast array of products, technology and liquidity gained by this agreement, we are now ready to evolve globally and fully connected to meet any demand and any size of trade on our OTC/Foxbit platform.” added Canhada. The OK group operates in 180 countries, trades around US$ 25 billion between spot and derivatives and has more than 20 million users.
Foxbit has created new services beyond trading cryptocurrencies. It has also created tokenization solutions for the B2B and B2B2C, cryptocurrency payments and crypto as a service markets. Its arms, in addition to the bag, are Foxbit Tokens, Foxbit Pay and Compra Fácil.
Canhada has as partners Felipe TrovĂŁo and Ricardo Dantas. The investment gives Foxbit more breath, in an increasingly populated market and with competitors that have already gone through investment rounds. Bitcoin Market Case.
“Foxbit is an excellent cryptocurrency company. It has built a strong user base with an outstanding reputation and we are willing to support the continued development of new products and improvements to the trading experience for users in Latin America,” said Estrella Du, Vice President Investments at OK Group.
“We will also reinforce our operation at the OTC desk, Foxbit Invest, which is fully capable of serving the entire Brazilian financial market,” said Ricardo Dantas, CO-CEO of Foxbit.
“The entry of OK Group contributes a lot to this process, during conversations with financial players, we realized that 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 appetite by national and international players”, added Dantas.