Investment management services Fidelity International, also known as ‘FIL Limited,’ adds another $6 million investment in BC Technology Group Ltd, the operator behind Hong Kong’s first licensed cryptocurrency exchange, OSL.
Based on the regulatory filings, Fidelity International purchased 3.3 million shares of BC Group that are roughly around HK$52.3 million or US$6.7 million. With that said, Fidelity International brought their ownership stakes up to 6.29%.
Back in February 2020, FIL Limited already reached out to BC Technology and invested $14 million for the crypto exchange operator.
BC Technology CEO Hugh Madden stated that due to the investment rounds, the group has a large room for growth and this will be a big opportunity for them to invest in crucial areas like technology and compliance. He expressed that these are important considering the competitive market they are in.
Investing in BC Group is proven to be a wise move for Fidelity International because just last week, the company raised a total of HK$697 million by making use of top-up share placement. All the funds collected will be utilized to boost the trading demands and its software-as-a-service system. With this, BC Technology Group has earned its regulatory standing by being the firm behind the Travel Rule Protocol (TRP), which is a financial action task force that helps in operating crypto assets.
‘We’ve been quite successful with our institutional software as a service business. 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,’ said Madden.
BC Technology Group Ltd is an investment holding company that focuses on digital assets and blockchain platforms. OSL refers to a digital asset platform that provides a wide range of services for institutions that would like to get into the market of crypto assets.
Three core business divisions are offered in OSL: Software as a Service (SaaS) which is a tool used to interface with digital assets; Over the Counter (OTC) brokerage for large clients; and lastly an institutional digital asset exchange and custody services.
Discover more cryptocurrency news when you check out BTCPost. Read more informative news today!
Bitcoin (BTC) $ 20,076.00 3.13%
Ethereum (ETH) $ 1,132.30 2.54%
Tether (USDT) $ 0.999407 0%
USD Coin (USDC) $ 0.999415 0.12%
BNB (BNB) $ 236.69 5.12%
Binance USD (BUSD) $ 1.00 0.32%
XRP (XRP) $ 0.322555 1.75%
Cardano (ADA) $ 0.455919 1.28%
Solana (SOL) $ 35.72 5.72%
Dogecoin (DOGE) $ 0.067370 1.75%
Expand your knowledge and invest in the cryptocurrency industry.