BC Technology Group Receives Significant Investment from BGX

BC Technology Group, the operator of Hong Kong’s publicly listed cryptocurrency exchange OSL, has announced a significant investment from industry firm BGX. The partnership between BC Technology and BGX involves a subscription for shares in BC Technology for an investment of about 710 million Hong Kong dollars ($90.1 million).

The investment, which is subject to approval by shareholders, will mark a testament to OSL’s commitment to setting new standards in digital asset security, compliance, and technological innovation. OSL was one of the first crypto exchanges to acquire a Hong Kong crypto license in 2023.

The BGX partnership news comes shortly after BC Technology halted trading OSL shares on the Stock Exchange of Hong Kong. There were unconfirmed reports suggesting that OSL was acquired by or received investment from Bitget, an exchange that officially announced its departure from the Hong Kong market on Nov. 13.

In the joint announcement, BGX described itself as a “crypto group that aims to offer an innovative platform that allows institutional and retail investors to seek investment opportunities in crypto.” However, it is unclear when the firm was founded. One of the first recorded snapshots of the BGX website from March 2021 describes BGX as a “global digital currency exchange invested by SoftBank Investment.”

OSL declined to provide further information about the strategic investment, and BGX did not immediately respond to comments.

Source: Cointelegraph