The owner of a digital currency exchange based in Hong Kong has issued approximately $90 million in a top-up share placement, helping strengthen its role in the local digital currency scene.
BC Technology Group, which owns and operates digital currency trading platform OSL, announced that it is hoping to raise the funding at a time of significant growth in demand for digital assets in local and regional markets.
According to BC, the capital will be deployed to expand the reach of OSL, which currently works with financial institutions looking to access crypto markets. OSL recently received a “virtual asset license” from the Hong Kong Securities and Futures Commission following a “rigorous vetting” process from the regulator.
OSL CEO, Wayne Trench said the fundraising had already attracted interest from institutional investors, which he predicted could lead to a wave of similar funding in the near future: “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,” he noted.
Heralding the round as “a major milestone” for BC Group, Trench said it would help the company serve more clients worldwide as it continues to scale.
“The placement is a major milestone and the next step in the rapid growth of the Group’s OSL digital asset platform. It allows us to invest in the tools to reach more institutional customers around the globe while also continuing to scale our SaaS solution,” he said.
The news comes as demand for digital currencies, including at financial institutions, reaches new highs. Spurred on by the sharp rise in value of cryptocurrencies in recent months, digital assets are increasingly seen as investable by mainstream funds and asset managers.
With the fresh capital from the raise, OSL is set to continue to reach out to new institutional investors with its suite of software tools.