April 19, 2024
BC Technology Group mulls $128M sale of OSL
Latest Cryptocurrency News

OSL Cryptocurrency Exchange Explores Sale Amidst Booming Crypto Industry

BC Technology Group is reportedly contemplating the potential sale of its cryptocurrency exchange, OSL, at a valuation of 1 billion Hong Kong dollars ($128 million). This development was disclosed in a Bloomberg report published on Monday.

OSL operates as a platform that provides prime brokerage, exchange, and custody services for cryptocurrency assets. Additionally, it offers the necessary infrastructure for financial institutions to facilitate digital asset trading. The report suggests that rather than divesting the entire OSL entity, BC Technology might opt to sell specific segments of its business. Individuals with knowledge of the situation mentioned that BC Technology’s discussions on this matter are still ongoing, and there is no assurance that a transaction will ultimately materialize.

Notably, OSL is one of only two cryptocurrency exchanges in Hong Kong to have obtained licenses under the new regulatory framework introduced in June, with the other being HashKey. It is worth noting that the application process for these licenses was reportedly quite expensive, costing the companies involved between $12 and $20 million.

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