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