The proprietor of the Hong Kong-based cryptocurrency exchange OSL secures a $90 million investment.
BC Technology Group, the operator of OSL, Hong Kong's publicly listed cryptocurrency exchange, has successfully garnered $90 million through subscriptions for new shares from BGX.
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BC Technology Group, the operator of Hong Kong's publicly listed cryptocurrency exchange OSL, has secured a substantial investment from industry firm BGX. The partnership involves BGX subscribing for shares in BC Technology, amounting to an investment of approximately 710 million Hong Kong dollars ($90.1 million), as announced jointly on November 14.
This strategic investment is contingent on shareholder approval and entails the subscription of new shares under a specific mandate. The firms highlight that this investment underscores OSL's dedication to establishing new standards in digital asset security, compliance, and technological innovation. OSL was notably one of the first cryptocurrency exchanges to obtain a Hong Kong crypto license in 2023.
The announcement of the BGX partnership coincides with BC Technology temporarily halting the trading of OSL shares on the Stock Exchange of Hong Kong. Unconfirmed reports suggest a potential acquisition or investment from Bitget, an exchange that officially announced its exit from the Hong Kong market on November 13. BC Technology, the operator of OSL, is said to have contemplated selling the OSL exchange for 1 billion Hong Kong dollars, equivalent to $128 million.
In the joint statement, BGX describes itself as a "crypto group aiming to provide an innovative platform for institutional and retail investors to explore investment opportunities in crypto." The founding date of BGX is unclear, with a Wayback Machine snapshot from March 2021 describing it as a "global digital currency exchange invested by SoftBank Investment."
Wayback Machine snapshot of BGX website from June 2021. Source: Wayback Machine
OSL declined to provide further details about the strategic investment, and BGX has not immediately responded to requests for comment.
