May 29, 2024
Hong Kong Crypto Exchange OSL Owner Secures $90M Investment Deal
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Hong Kong’s OSL Owner Secures $90M Investment

BC Technology Group, the operator of Hong Kong’s OSL cryptocurrency exchange, has unveiled a substantial investment from industry firm BGX. In a joint announcement on November 14, the two companies disclosed a strategic partnership wherein BGX will subscribe to shares in BC Technology with an investment of approximately 710 million Hong Kong dollars ($90.1 million). This significant financial injection is subject to shareholder approval and involves the subscription of new shares under a specific mandate.

The investment is being touted as a testament to OSL’s unwavering dedication to establishing new benchmarks in digital asset security, compliance, and technological innovation. OSL was among the pioneering crypto exchanges to acquire a Hong Kong crypto license in 2023, underlining its commitment to regulatory compliance. The announcement follows BC Technology’s decision to halt trading of OSL shares on the Stock Exchange of Hong Kong, sparking industry speculation.

Unconfirmed reports hinted at a potential acquisition or investment from Bitget, an exchange that officially exited the Hong Kong market on November 13. BC Technology, the operator of OSL, has reportedly contemplated selling the exchange for 1 billion Hong Kong dollars (equivalent to $128 million). The joint announcement positions BGX as a “crypto group” aspiring to provide an innovative platform for institutional and retail investors to explore crypto investment opportunities.

Notably, BGX’s founding details remain somewhat unclear, with a Wayback Machine snapshot from March 2021 describing it as a “global digital currency exchange invested by SoftBank Investment.” Despite the intriguing developments, OSL and BGX have chosen to remain discreet, offering limited details about the strategic investment.

Image By vecstock

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