FoxBit is the leading Bitcoin exchange in Latin America by market volume, with over 450 Bitcoins per day in transactions.
The company announced today the acquisition of BitInvest, a Brazilian exchange and Payment processor offering merchant tools. The operation is quoted at approximately $1 million.
BitInvest users will see all their accounts and deposited funds get automatically transferred to FoxBit. The former CEO of BitInvest, Flavio Pripas, will have a board seat at FoxBit.
The company got media attention when it launched a prepaid Bitcoin debit card, powered by MasterCard’s global network, users were able to reload their cards with Bitcoins and pay in traditional businesses accepting MasterCard.
FoxBit is an exchange running on top of BlinkTrade, a platform serving multiple websites across the world. Venezuela’s Surbitcoin, Chilebit, Vietnam’s vBTC, FoxBit and Pakistan’s Urdubit all run on BlinkTrade’s framework.
João Paulo Oliveira, a FoxBit Representative, 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 Coindesk’s information, FoxBit won’t be hiring the employees from BitInvest.