Skip to main content

Brazilian Bitcoin Market Consolidates With Exchange Acquisition


Brazilian bitcoin exchange Foxbit has acquired payment processor BitInvest in an acquisition worth less than $1m.

With the sale, the exchange said it is seeking to acquire new users and reinforce its position in Brazil's nascent bitcoin market.

Foxbit said BitInvest founder Flavio Pripas, the former founder of the social network Fashion.me, will serve on its board. All BitInvest accounts will be converted to Foxbit accounts as part of the deal.

The acquisition is notable given the early traction seen by BitInvest, which inked a deal in 2014 with Tecnisa, a domestic real estate firm that was Latin America's largest merchant to accept bitcoin at the time.

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

According to data from Bitvalor, Foxbit sees about 310 BTC (or $189,000) in bitcoins trade daily on its exchange, a figure that accounts for roughly 55% of the market.

Oliveira said Foxbit aims to continue its momentum from the acquisition by launching a debit card for users and a consumer wallet later this year.

Foxbit said no additional employees will join the startup as part of the deal.

Comments

Post a Comment

Popular posts from this blog

The Bitquence Liquidity Network

CryptoCurrency is gaining popularity, however with Bitcoin very user-unfriendly mass adoption is not coming. The Bitquence Platform is aiming to replace Bitcoin with it's many disadvantages with something better. A currency for the people. More and better usability, A wallet which is universal and support several coins, like Bitcoin but also Dash and Ethereum. Please read along to get the latest information about this project which can grow very large. Collection of abnormal pockets programs, With automated sources that oversee a large number of wallets for each and every of your financial paperwork making it exhausting to do. International Cryptocurrencies lately stay on experiencing an especially noteworthy increment, impulsively reaching colossal valuations. The have an effect on at the present economic system modified the psyches of people to take after enhancements within the time of Cryptocurrency. Virtual kinds of cash and blockchain innovation are lat...
Post a Comment
Read more

BOScoin | Self-Evolving Cryptocurrency Platform

Well, what is BOScoin? BOScoin is a new virtual currency from a South Korean Fintech startup Blockchain OS. And unlike the existing virtual currencies, BOScoin is a new digital currency which also happens to be based on a blockchain. However, according to the company's experts it has a higher transactional speed which will go up to about 1000 transactions per second that is in line with the credit card processing speed. Its platform has been presented in both London and Berlin by Blockchain OS where they have been answering the questions of many with interests in the fields of design, technical, architecture, and governance. BOScoin is designed as a platform for a self-evolving crypto currency as an upgraded and much better version of both the Etherum and Bitcoin. BOScoin is however built to assist in trust contracts that usually provide a more approachable framework for creation and execution of blockchain contracts. Trust contracts are those secure and executable contracts tha...
Post a Comment
Read more

PRO Commerce - Coin Back Rewards

A new and promising project is the upcoming PRO Commerce Project. In essence the project is about getting Rebates and Crypto currencies into 1 platform. Something which is not new, because the INCENT project is also about that, however the PRO project has a different approach in achieving their goals. Their platform will be the main field where the project and business model should excel and make the project a success. The platform The goal of the PRO Platform is to create awareness and engagement, something which by just offering rebates is not sufficient, however holding PRO makes the user also an spectator and the team behind Pro believes this will make a difference in the way users will be committed and engaged in the project. By holding the coins they will eventually use the coins to speculate and use it. The app within the platform itself consist of 4 main components which according to the team will add a tremendous value to any business, making it the main app to use in compar...
Post a Comment
Read more