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. 

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.