BC Group Scores $90 Million to Grow Its Digital Asset Exchange

Hong Kong-listed BC Technology Group, the parent of crypto exchange OSL, announced on Wednesday that it is raising HKD 697 million (around $90 million) in a top-up share placement.

The company appointed Morgan Stanley as the placing agent for the round in which it is raising money from institutional investors.

The funding came at a time when the demand for digital assets are skyrocketing among both retail and institutional investors. The company detailed that the proceeds will be utilized to expand the reach and capability of OSL, the institution-focused cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term.

The Group will further utilize the funds to establish its position as an institutional exchange on the global markets.

Commenting on the growing crypto market demand, OSL CEO, Wayne Trench said: “The digital asset market experienced a significant shift in 2020, with regulatory clarity and institutional investment driving market capitalization to new all-time highs.”

“With the participation of established institutional investors in this placement, we are seeing more evidence that digital assets are attracting significant attention from major traditional finance brands, and we believe this will continue to accelerate going forward.”

Rising Demand for Digital Assets

Moreover, he is optimistic about the future of the digital currency market and is expecting to be on the frontline of this nascent industry. Indeed, the demand for Bitcoin among the mainstream financial institutions is prominent now with the investment of corporations and hedge funds.

OSL is regulated in Hong Kong. The exchange recently made headlines for being among the first to suspend XRP trading after the US regulator’s lawsuit.

“The placement is a major milestone and the next step in the rapid growth of the Group’s OSL digital asset platform,” Trench added. “It allows us to invest in the tools to reach more institutional customers around the globe while also continuing to scale our SaaS solution.”