This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil’s leading financial news publications. Follow CoinDesk Brasil on Twitter.

Brazil-based crypto exchange Foxbit has raised $21 million in a Series A funding round led by OK Group, owner of crypto exchange Okcoin.

Funds will be used for the development of new technologies, expansion of the company’s product and technology teams and potential acquisitions, Foxbit announced on Tuesday.

“The company has evolved a lot in recent years and together with my partners we understood that this investment was now a necessary step to further improve the services provided to our customers,” Foxbit CEO Joao Canhada said in a statement.

Foxbit had been operating independently until now, the CEO said, adding that the exchange is holding conversations for potential new financing in the near future.

Founded in 2014 by Joao Canhada and Luis Augusto Schiavon, the company currently has 950,000 customers, according to its web site.

After the funding round, Foxbit plans to facilitate lower fees by integrating blockchain networks and boost its business-to-business segment by attracting traditional Brazilian players to crypto, the company said.

This article was translated by Andres Engler and edited by CoinDesk. The original Portuguese article can be found here.

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