BC Technology Group, a public technology and digital asset company, has entered into an agreement to raise HK$697 million ($90 million) in a top-up share placement, with Morgan Stanley appointed as the sole placing agent, and participation from a roster of institutional investors.
With completion of the placement, the Group will continue to expand the reach and capability of its institutional digital asset platform OSL, which provides prime brokerage, custody, exchange and software-as-a-service (SaaS) to institutions and professional investors. The transaction further affirms the Group’s institutional-focused strategy, positioning it to compete in the digital asset trading market globally, according to its announcement.
“The digital asset market experienced a significant shift in 2020, with regulatory clarity and institutional investment driving market capitalization to new all-time highs,” said OSL CEO Wayne Trench. “With the participation of established institutional investors in this placement, we are seeing more evidence that digital assets are attracting significant attention from major traditional finance brands.”
BC Group’s OSL Digital Securities was the first to apply for and be granted a license for Type 1 (dealing in securities) and 7 (providing automated trading services) regulated activities specific to digital assets under the Hong Kong Securities and Futures Commission’s (SFC) regulatory regime.
In December 2020, the Group also announced that it is providing technology services to DBS Bank.
OSL offers OTC, iRFQ and electronic trading services giving traders access to the world’s deepest liquidity pools, as well as secure, insured wallets to ensure the safekeeping of digital assets with timely transaction settlement.