Hong Kong-Listed BC Group Raises $90M as Institutional Crypto Demand Soars in Asia

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Hong Kong Stock Exchange- detailed BC Technology Group, the moms and dad firm of controlled crypto system OSL, has actually increased HKD697 million (roughly $90 million) in the type of a top-up share positioning.

2020 was a hectic year for OSL, an institution-focused electronic property system based in Hong Kong, supplying prime brokerage firm, guardianship, exchange and also software program-as- a-service (SaaS). The firm achieved regulative authorization to use crypto solutions from Hong Kong regulatory authority, the Securities and also Futures Commission (SFC), as well as additionally claimed it was supplying innovation to Singapore’s DBS financial institution, which revealed its entryway right into the electronic property area last month.

BC Group Chief Executive Officer Hugh Madden claimed the increased funds will certainly assist fulfill soaring institutional trading demand and also reinforce its software program-as- a-service organization.

“We’ve been quite successful with our institutional software as a service business,” claimed Madden in a meeting. “Additionally, we need to bolster our financial reserves under our licensing arrangements, which is similar to capital adequacy in the banking world. This allows us to continue to scale, as this new institutional business flow really starts to flood in.”

BC Group has actually additionally gained its regulative standing many thanks to having actually been a driving pressure behind the Travel Rule Protocol (TRP), a Financial Action Task Force (FATF) “Travel Rule” service for crypto led by Dutch lending institution ING and also Standard Chartered Bank, and also consisting of Fidelity Digital possessions and also BitGo.