Hong Kong Inventory Alternate-listed BC Expertise Group, the dad or mum firm of regulated crypto platform OSL, has raised HKD697 million (roughly $90 million) within the type of a top-up share placement.
2020 was a busy yr for OSL, an institution-focused digital asset platform based mostly in Hong Kong, offering prime brokerage, custody, trade and software-as-a-service (SaaS). The corporate attained regulatory approval to supply crypto providers from Hong Kong regulator, the Securities and Futures Fee (SFC), and likewise stated it was offering expertise to Singapore’s DBS financial institution, which introduced its entrance into the digital asset area final month.
BC Group CEO Hugh Madden stated the raised funds will assist meet rocketing institutional buying and selling demand and bolster its software-as-a-service enterprise.
“We’ve been fairly profitable with our institutional software program as a service enterprise,” stated Madden in an interview. “Moreover, we have to bolster our monetary reserves underneath our licensing preparations, which has similarities to capital adequacy within the banking world. This enables us to proceed to scale, as this new institutional enterprise stream actually begins to flood in.”
BC Group has additionally earned its regulatory standing due to having been a driving drive behind the Journey Rule Protocol (TRP), a Monetary Motion Job Drive (FATF) “Journey Rule” answer for crypto led by Dutch lender ING and Customary Chartered Financial institution, and together with Constancy Digital property and BitGo.