Constancy Investments, one of many world’s largest asset managers, has poured extra capital right into a Hong Kong-based cryptocurrency operator —
Constancy Investments, one of many world’s largest asset managers, has poured extra capital right into a Hong Kong-based cryptocurrency operator — providing one more bullish indicator for the evolution of digital asset markets worldwide.
An trade submitting obtained by the Singapore-based Enterprise Instances exhibits that Constancy acquired a 6.29% stake in BC Expertise Group after investing $6.71 million within the firm. Enterprise Instances indicated that Constancy had elevated its publicity to the corporate, although didn’t specify the preliminary funding quantity.
The funding was introduced shortly after BC Expertise Group disclosed that it had reached an settlement to lift HK$697 million ($89.9 million) in a “high up share placement.”
BC Expertise Group is the operator of OSL, a preferred cryptocurrency trade that lately obtained a coveted license from Hong Kong’s Securities and Futures Fee, or SFC. A BC Group press launch dated Dec. 15 claims OSL is the world’s “first SFC-licensed, listed, digital asset wallet-insured, Huge-Four audited digital asset buying and selling platform for establishments {and professional} traders.”
Constancy has made numerous strategic investments within the cryptocurrency market, together with increasing its custody providers in Asia via a partnership with Stack Funds, a Singapore-based crypto startup. On the finish of 2019, Constancy’s digital asset unit established an official entity in the UK to serve institutional traders in Europe.
Headed by Abigail Johnson, Constancy is positioning itself as an institutional pioneer for cryptocurrency adoption. Recognizing the potential worth of digital belongings, Constancy has been harvesting Bitcoin (BTC) since 2014.
Constancy’s early investments in Bitcoin and Ethereum (ETH) look like paying off right this moment, as each belongings vie for a much bigger function in institutional finance and international financial programs. Simply final week, the mixed worth of all cryptocurrencies broke above $1 trillion for the primary time, ultimately reaching a excessive of round $1.2 trillion.