Originally appeared on Yahoo Finance
Hong Kong-based BC Technology Group, the operator of the publicly listed cryptocurrency exchange OSL, has announced a significant investment of approximately 710 million Hong Kong dollars ($90.1 million) from industry firm BGX. The partnership involves BGX subscribing for shares in BC Technology under a specific mandate, pending approval by shareholders.
This strategic investment is seen as a testament to OSL's commitment to establishing new standards in digital asset security, compliance, and technological innovation. OSL was one of the early cryptocurrency exchanges to secure a Hong Kong crypto license in 2023.
The announcement follows BC Technology's decision to temporarily halt trading of OSL shares on the Stock Exchange of Hong Kong, fueling speculation of a potential acquisition or investment. Unconfirmed reports suggested a connection to Bitget, an exchange that recently announced its exit from the Hong Kong market.
BC Technology has reportedly explored the possibility of selling the OSL exchange for HKD 1 billion ($128 million). BGX, described as a "crypto group" aiming to provide an innovative platform for institutional and retail investors in crypto, plans to contribute to OSL's growth and development.
This comes as Hong Kong is considering Bitcoin assets under its investment immigration scheme, as Hong Kong seeks to establish its status as a crypto and web3 hub.