Owner of Hong Kong crypto exchange OSL secures $90M investment

BC Technology Group, the operator of Hong Kongs openly listed cryptocurrency exchange OSL, has announced a considerable financial investment from industry firm BGX.BC Technology got in into a collaboration with BGX, which concurred to subscribe for shares in BC Technology for a financial investment of about 710 million Hong Kong dollars ($ 90.1 million), the firms stated in a joint statement on Nov. 14. This strategic financial investment will include the membership of new shares under a particular mandate, based on approval by investors, the statement notes.According to the firms, the financial investment marks a testament to OSLs dedication to setting new requirements in digital possession security, compliance and technological innovation. As formerly reported by Cointelegraph, OSL was among the very first crypto exchanges to acquire a Hong Kong crypto license in 2023. Related: BitgetX drops plans to look for crypto license in Hong KongThe BGX collaboration news comes the day after BC Technology stopped trading OSL shares on the Stock Exchange of Hong Kong. According to industry sources, an unofficial report indicated that OSL was acquired by or gotten financial investment from Bitget, an exchange that formally announced its departure from the Hong Kong market on Nov. 13. OSL operator BC Technology has apparently considered selling the OSL exchange for $1 billion Hong Kong dollars, or $128 million.In the joint statement, BGX explained itself as a “crypto group that aims to use an innovative platform that allows retail and institutional investors to look for investment opportunities in crypto.” When the company was founded, it appears to be uncertain. One of the first recorded pictures by Wayback Machine, from March 2021, explains BGX as a “worldwide digital currency exchange invested by SoftBank Investment.” Wayback Machine snapshot of BGX site from June 2021. Source: Wayback MachineOSL decreased to supply more info about the tactical investment. BGX didnt immediately respond to Cointelegraphs demand to comment.Additional reporting by Zhiyuan Sun.Magazine: Bitmains revenge, Hong Kongs crypto rollercoaster: Asia Express

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Question about Owner of Hong Kong crypto exchange OSL secures $90M investment from BGX?

The owner of Hong Kong crypto exchange OSL, BC Technology Group, has secured a significant investment of approximately $90 million from BGX. This investment involves BGX subscribing for new shares in BC Technology, which is expected to enhance OSL's capabilities in digital asset security and compliance. The collaboration aims to set new standards in the cryptocurrency industry, reflecting OSL's commitment to innovation.

Question about the implications of the $90M investment for OSL's future?

The $90 million investment from BGX is poised to bolster OSL's position in the competitive cryptocurrency market. With this funding, OSL can further develop its technology and compliance measures, which are crucial for maintaining regulatory standards in Hong Kong. Additionally, this investment may attract more institutional investors, enhancing OSL's credibility and market presence.

Question about the significance of OSL obtaining a Hong Kong crypto license?

OSL's acquisition of a Hong Kong crypto license in 2023 is significant as it positions the exchange as a pioneer in regulatory compliance within the region. This license not only enhances OSL's legitimacy but also attracts investors looking for secure trading platforms. The recent $90 million investment from BGX further underscores OSL's commitment to maintaining high standards in digital asset management.