OSL’s Parent Company Raises $90 Million in Share Placement
- BC Technology group has raised $90 million in a top-up share placement.
- The company will use the funds to scale its OSL crypto platform.
Image from Shutterstock
BC Technology Group, the parent company of crypto platform OSL, has raised around $90 million in a top-up share placement.
According to the company’s press release published on 5 December, Morgan Stanley will act as the sole placing agent, placing a total of 45,000,000 shares at HK$15.50 per share. This represents around 13% of BC Group’s issued share capital.
Hugh Madden, the CEO of BC Group, said that the company would use the funds to meet the rising institutional trading demand and improve its software-as-a-service (SaaS) business.
BC Group owns and operates OSL, a regulated cryptocurrency platform that provides prime brokerage, custody, exchange, and SaaS to institutions and professional investors. Wayne Trench, the CEO of OSL, called the placement a “major milestone” for the company, adding that it will allow it to invest in the tools needed to reach more institutional customers.
OSL became the first company to be granted a license for Type 1 and 7 regulated digital asset activities in Hong Kong. The Hong Kong Securities and Futures Commission (SFC) allowed the company to deal in digital securities and provide automated trading services for digital assets last year. In December 2020, the company announced it began providing technology services to DBS Bank, a Singaporean multinational bank.
- Social trading platforms are an excellent option for those new to the financial markets as they allow users to directly interact with professional and experienced traders.
- These platforms allow users to follow the trades of others, allowing them to leverage the community’s collective wisdom to make informed investment decisions.
Shutterstock
- The investment team behind Temasek’s $275 million investment into FTX prior to its collapse “took collective accountability” and had their compensation cut.
- While the company was the second largest outside investor in FTX, it was one of the first to write off its entire investment only days after the collapse of the exchange.
- Binance has assumed half of Forbes’ $400 million commitments from institutional investors, which was announced back in August as part of the company’s efforts to go public.
- The $200 million Binance investment will help Forbes accelerate its digital growth, and further capitalize on its successful digital transformation.