BC Group Secures $36 Million in a Share Placement

BC Group, a Hong Kong-based technology and digital asset trading company, announced on Wednesday that it raised $36 million in a share placement.

Per the press release shared with Finance Magnates, the funds came as the company’s digital asset business is projecting massive growth after seeing a revenue increase of 386 percent in the first half of 2019 compared to the figures in the previous half.

Mentioning the development, Hugh Madden, CEO at BC Group, said: “Digital asset market infrastructure is going through a rapid changing of the guard. Licensing frameworks in every major jurisdiction are rewarding only the strongest and most professional operators, and these firms will continue to capture market share from unlicensed players.”

The company, however, did not reveal the names of the investors.

A regulated crypto platform

Founded in 2003, BC Group shifted its focus on digital assets in recent years with the boom in the nascent industry. The company is facilitating digital asset trading services via its platform called OSL and is primarily focusing on lucrative institutional clients.

“The raise represents a new phase of growth for the Group,” continued Madden. “It allows us to further invest in key areas such as technology and Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term which will be essential as we compete and win in this dynamic environment.”

OSL also applied to obtain a license from the jurisdiction’s financial watchdog, which introduced regulatory framework last year.

“Asia is at the centre of growth in digital assets and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology for innovation and adoption,” Madden added. “With its Hong Kong headquarters, global footprint and robust investor and client base, OSL is exceptionally positioned to be the world’s preeminent digital asset platform.”

Though Hong Kong has introduced regulations for the digital asset-based businesses, a report last year revealed that the authorities are reluctant to issue licenses to crypto funds.