This deal will help the exchange to reinforce its position in Brazil’s nascent Bitcoin market. Foxbit chief blockchain officer João Paulo Oliveira said he expects additional acquisitions as the Brazilian market matures. Foxbit sees about 310 BTC (or USD 189,000) in Bitcoins trade daily on its exchange, a figure that accounts for roughly 55% of the market.
According to CoinDesk, Foxbit said BitInvest founder Flavio Pripas, the former founder of the social network Fashion.me, will serve on its board and all BitInvest accounts will be converted to Foxbit accounts as part of the deal.In 2014 BitInvest teamed up with Tecnisa, a domestic real estate company that was Latin Americas largest merchant to accept Bitcoin at the time.
Foxbit aims to continue its momentum from the acquisition by launching a debit card for users and a consumer wallet later in 2016.
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