Owner of Hong Kong crypto exchange OSL secures $90M investment

Bitcoin News

BC Technology Group, the operator of Hong Kong’s publicly listed cryptocurrency exchange OSL, has announced a significant investment from industry firm BGX.

BC Technology entered into a partnership with BGX, which agreed to subscribe for shares in BC Technology for an investment of about 710 million Hong Kong dollars ($90.1 million), the firms said in a joint announcement on Nov. 14.

This strategic investment will involve the subscription of new shares under a specific mandate, subject to approval by shareholders, the announcement notes.

According to the firms, the investment marks a testament to OSL’s commitment to setting new standards in digital asset security, compliance and technological innovation. As previously reported by Cointelegraph, OSL was one of the first crypto exchanges to acquire a Hong Kong crypto license in 2023.

Related: BitgetX drops plans to seek crypto license in Hong Kong

The BGX partnership news comes the day after BC Technology halted trading OSL shares on the Stock Exchange of Hong Kong. According to industry sources, an unconfirmed report implied that OSL was acquired by or received investment from Bitget, an exchange that officially announced its departure from the Hong Kong market on Nov. 13.

OSL operator BC Technology has reportedly considered selling the OSL exchange for $1 billion Hong Kong dollars, or $128 million.

Additional reporting by Zhiyuan Sun.

Magazine: Bitmain’s revenge, Hong Kong’s crypto rollercoaster: Asia Express

Articles You May Like

XRP Price Set For Colossal 63,000% Breakout As Ripple Secures Crucial Partnership In Europe
Ethereum Price Pulls Back from Resistance: Will the Bulls Stage a Comeback?
Crypto Analyst Predicts XRP At $0.75 In July Despite Year-Long Slump
$2 Billion Crypto Funds Flow Into Market On Rate Cut Buzz
Ripple Completes Standard Custody Acquisition, Appoints New Stablecoin Lead