BC Group’s 2020 Revenue Jumps 32% with Crypto Demand Surge

Hong Kong-listed BC Technology Group, which operates the digital asset exchange OSL, published its financials for 2020, showing a 32 percent year-over-year increase along with growth in all other key metrics.

In absolute terms, the revenue of the group company came in at RMB217 million. Revenue from the digital asset 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 stood even higher with RMB151 million, which is an annual jump of 111 percent and makes around 70 percent of the group’s total revenue.

Digital Asset Business Is Booming

OSL, which holds both the Type-1 and Type 7 licenses from Hong Kong’s financial regulator, commenced its full operations earlier this month after a long trial with selected trading partners and investors. The exchange is now seeking a license in Singapore as well and partnered with DBS bank.

Total assets on OSL, which targets institutional and professional investors with custody, prime brokerage, exchange and software-as-a-service, grew by 487 percent year-over-year to RMB2.6 billion while the active customer jumped by 130 percent.

In addition, the group detailed that the trading volume on the digital asset platform upped 228 percent to RMB149 million, out of which 93 percent came from institutions.

Though the group had a positive adjusted EBITDA of RMB5 million for the year, it ended with a net loss of RMB259 million.

“Despite the global headwinds as a result of COVID-19 and other geopolitical factors, 2020 was a banner year for BC Technology Group and its OSL digital asset platform business,” BC Group CEO, Hugh Madden said.

“As a first mover and a licensed operator in Hong Kong, we are confident that we can continue to build market share as the digital asset ecosystem expands exponentially to regulated players, particularly in the Security Token Security Token Security tokens are cryptocurrency tokens that represent a contract into an underlying security, which could include stocks, funds, bonds, and real estate investment trusts (REITs.) Security tokens can also be used as a method of fundraising. A security token offering (STO) is similar in nature to an initial public offering (IPO), however involves tokenized digital securities, known as security tokens. These are then sold in cryptocurrency exchanges. Tokens can be used to trade real financial as Security tokens are cryptocurrency tokens that represent a contract into an underlying security, which could include stocks, funds, bonds, and real estate investment trusts (REITs.) Security tokens can also be used as a method of fundraising. A security token offering (STO) is similar in nature to an initial public offering (IPO), however involves tokenized digital securities, known as security tokens. These are then sold in cryptocurrency exchanges. Tokens can be used to trade real financial as Read this Term space.”

Meanwhile, the group raised a total of $126 million in two consecutive share placements earlier this year to expand the operations of its digital asset exchange.