Gustavo Schiavon, one of the four co-founders of Brazil’s largest crypto exchange, Foxbit, has died in a car crash near the country’s capital São Paulo.

The accident reportedly took place between the car that 24-year-old Schiavon was driving and other vehicles including a truck when he lost control in heavy rain and collided with the truck. Schiavon’s girlfriend, Ariadny Rinolfi, who was with him at the time of the collision has survived but is currently in intensive care.

Schiavon is well known in his native Brazil for co-founding Foxbit in 2014 which became one of the country’s largest BTC exchanges winning prestigious prizes for innovative development. The exchange hit the news this year when it was hacked to the tune of $1million, but remained in business whilst also refunding customer losses.

More recently, a Brazilian bank had attempted to close the Foxbit account resulting in a lawsuit against the bank for attacking customers rights. The unsuccessful lawsuit became a trigger for other Brazilian banks to begin denying services to exchanges and shutting down further accounts based on the belief that they were a haven for money laundering. Since then exchanges have begun to search beyond traditional banking in order to find a solution to the problem.

The latest news coming out of Brazil which will affect exchanges is the announcement that the Brazilian National Social Development Bank, a state-run bank, will be launching a pilot program of the BNDES token in January 2019. The BNDES will be a stable coin pegged 1:1 with the Brazilian Real (BRL).

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