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 Joo Paulo Oliveira said he expects additional acquisitions as the Brazilian market matures.

This post was published at Coin Desk on August 1, 2016.