BC Technology Group, listed on the Hong Kong Stock Exchange and the parent company of the regulated crypto platform OSL, has placed HKD 697 million (approx. USD 90 million) in the form of an increase in shares.
2020 has been a busy year for OSL, a Hong Kong-based institutional digital assets platform that provides world-class brokerage, custody, exchange and software-as-a-service (SaaS) services. The company received regulatory approval to offer crypto services from Hong Kong’s regulator, the Securities and Futures Commission (SFC), and announced that it will provide technology to Singapore’s DBS bank, which entered the market last month announced the digital assets space.
Hugh Madden, CEO of BC Group, said the funds raised will help meet the rapid demand for institutional trading and strengthen the software-as-a-service business.
“We’ve been pretty successful as a service company with our institutional software,” Madden said in an interview. “In addition, we need to strengthen our financial reserves under our license agreements, which is similar to capital adequacy in the banking world. This allows us to continue to scale as this new institutional flow of business really starts to flow. “
The BC Group has also built its regulatory position by being a driving force behind the Travel Rule Protocol (TRP), a Financial Action Task Force (FATF) travel rule solution for crypto created by Dutch lender ING and Standard Chartered Bank is headed including Fidelity Digital Assets and BitGo.