BC Technology Group, the operator of Hong Kong’s publicly listed cryptocurrency exchange OSL, has recently secured a significant investment from BitgetX (BGX), the Hong Kong division of the cryptocurrency services provider Bitget. This partnership is pending shareholder approval but holds immense potential for the digital asset market.
Strengthening OSL and Setting New Standards
On November 14, BC Technology entered into a partnership with BGX, whereby BGX agreed to invest around 710 million Hong Kong dollars (approximately $90.1 million) in BC Technology. This collaboration aims to bolster OSL’s operations and reinforce their commitment to digital asset security, compliance, and technological innovation.
OSL, a pioneer in the cryptocurrency space, obtained a Hong Kong crypto license in 2023, positioning itself among the first exchanges to achieve this milestone. The transaction is currently awaiting shareholder approval and, if successful, is expected to propel BC Technology Group and OSL into a new phase of development and leadership within the digital asset ecosystem.
“The injection of funds from BitgetX is viewed as a robust endorsement of OSL’s vision to lead the regulated evolution of the digital asset market.”
A Powerful Synergy and Global Presence
The partnership between BC Technology and BGX is highly regarded for its global digital asset footprint, complementing OSL’s commitment to secure and regulated access to digital assets. BGX’s global presence in the sector further strengthens this collaboration, positioning OSL’s platform offerings for growth and contributing to the overall expansion of the digital asset industry.
This strategic alignment is also anticipated to foster innovation and enhance security standards within the industry.
“We are confident in the potential of the digital asset market and believe that this partnership will strengthen our global presence.”
An Exciting New Phase of Growth
BC Technology Group made headlines recently as it temporarily halted the trading of OSL shares on the Stock Exchange of Hong Kong. This move was announced in preparation for a significant disclosure regarding sensitive business information, leading to speculation that OSL may have either been acquired by or received investment from Bitget.
Coincidentally, Bitget announced its departure from the Hong Kong market, citing the decision not to apply for a Virtual Asset Trading Platform (VATP) license. In response, BitgetX urged users to withdraw their crypto assets before the specified date, emphasizing the cessation of asset trading on the platform.
Amid these developments, BC Technology Group is reportedly exploring the potential sale of OSL, valuing the cryptocurrency platform at approximately $1 billion Hong Kong dollars (approximately $128 million). As one of the two exchanges licensed under Hong Kong’s new digital asset laws, OSL provides prime brokerage, exchange, and custody services, catering to the virtual asset trading needs of financial institutions.
