Share this article
Brazilian Bitcoin Market Consolidates With Exchange Acquisition
Brazilian bitcoin exchange Foxbit has acquired payment processor BitInvest.
By Pete Rizzo
Updated Sep 14, 2021, 1:59 p.m. Published Aug 1, 2016, 7:47 p.m.
In this article
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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.
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."
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.
Image via Foxbit
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
Top Stories
