Hong Kong Inventory Trade-listed BC Group, the operator of institution-focused digital belongings buying and selling platform OSL, reported a 737%
Hong Kong Inventory Trade-listed BC Group, the operator of institution-focused digital belongings buying and selling platform OSL, reported a 737% improve in income in 2019.
On March 31, BC Group revealed that its OSL digital belongings platform had been its largest 2019 earner, accounting for 44% of the Group’s revenues — up from simply 6% in 2018.
The OSL digital belongings platform presents establishments providers that embody over-the-counter brokerage, Software program-as-a-Service instruments, custodial providers and institutional digital asset trade.
Regulatory progress
Whole year-on-year income for BC Group in 2019 was RMB72 million ($10 million) — up 737% from the earlier 12 months, as famous above.
This improve in income was accompanied by OSL’s submission of an utility for licenses to conduct regulated actions below the Hong Kong Securities and Futures Fee’s new regulatory framework for digital asset buying and selling platforms.
Submitted in November 2019, the license utility is judged by the agency to be a milestone in its digital belongings enterprise growth, with BC Group CFO Steve Zhang stating:
“We view the introduction of licensing for digital belongings in Hong Kong in 2020 as an inflection level. It will galvanise institutional participation within the digital asset area and speed up progress of BC Group and our OSL digital asset platform enterprise as conventional securities proceed to digitize.”
Noting that the digital asset securities market is forecast to develop by over 5,000% to $11 trillion by 2024, BC Group says it has targeted its energies on strengthening administration and rebranding is digital belongings services.
Methods embody opening a brand new OSL workplace in Singapore in July 2019, intensifying SaaS gross sales efforts to main establishments, and issuing a $36 million share placement in January 2020 to fund continued growth.
Regardless of the turmoil in world markets amid the COVID-19 pandemic, the agency doesn’t consider it will impede the transition of monetary providers in the direction of digital belongings.
In February, Cointelegraph reported that Constancy Worldwide had acquired a stake in BC Group, buying 17 million shares for a 5.6% possession place.