Hong Kong-based BC Group, a public technology and digital asset trading firm, announced that it has raised US$36 million in a share placement.
The placement came as the company’s digital asset business, OSL, saw its revenue increase by 386% in the six months ending June 30 last year compared to the second half of 2018, according to a statement.
Photo credit: leungchopan
OSL provides software-as-a-service, brokerage, exchange, and custody services for institutions and professional investors.
It was the first to apply for a license under the Hong Kong Securities and Futures Commission’s new framework for digital asset trading platforms and broker-dealers. This allows regulated asset managers to more easily invest in the asset class and paves the way for security tokens to enter the Hong Kong market once licensees start operations.
“Digital asset market infrastructure is going through a rapid changing of the guard,” said BC Group CEO Hugh Madden. “Licensing frameworks in every major jurisdiction are rewarding only the strongest and most professional operators, and these firms will continue to capture market share from unlicensed players.”
The fundraise will then allow the company to invest more in technology and compliance, which “will be essential as we compete and win in this dynamic environment,” Madden added.
BC Group said that the fundraise follows a wave of support for blockchain and digital assets from regulators across the globe.
Just yesterday, a new payments law came into force in Singapore to regulate various types of payments, including cryptocurrencies. International crypto exchanges such as Tokyo-based Liquid Group and London’s Luno are now reportedly looking to apply for licenses.
Editing by Charmaine de Lazo
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