BC Technology Group, the operator of Hong Kong’s publicly listed cryptocurrency exchange OSL, has announced a significant investment from industry firm BGX.
BC Technology entered into a partnership with BGX, which agreed to subscribe for shares in BC Technology for an investment of about 710 million Hong Kong dollars ($90.1 million), the firms said in a joint announcement on Nov. 14.
This strategic investment will involve the subscription of new shares under a specific mandate, subject to approval by shareholders, the announcement notes.
According to the firms, the investment marks a testament to OSL’s commitment to setting new standards in digital asset security, compliance and technological innovation. As previously reported by Cointelegraph, OSL was one of the first crypto exchanges to acquire a Hong Kong crypto license in 2023.
Related: BitgetX drops plans to seek crypto license in Hong Kong
The BGX partnership news comes the day after BC Technology halted trading OSL shares on the Stock Exchange of Hong Kong. According to industry sources, an unconfirmed report implied 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.
OSL operator BC Technology has reportedly considered selling the OSL exchange for $1 billion Hong Kong dollars, or $128 million.
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.” It appears to be unclear when the firm was founded. One of the first recorded snapshots by Wayback Machine, from March 2021, describes BGX as a “global digital currency exchange invested by SoftBank Investment.”
Wayback Machine snapshot of BGX website from June 2021. Source: Wayback Machine
OSL declined to provide further information about the strategic investment. BGX didn’t immediately respond to Cointelegraph’s request to comment.
Additional reporting by Zhiyuan Sun.
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