Hong Kong-listed BC Technology Group, the parent company of crypto platform OSL, has placed 31.95 million new shares to GIC at an issue price of HK$17 ($2.90) per share, amounting to gross proceeds of HK$543 million, or some $93 million.

Post-completion, GIC will have a 7.62% stake in BC Group.

Net proceeds from the placement are expected to amount to HK$535 million, of which HK$198 million will be used for IT-related costs, HK$237 million will be used for operating working capital, and HK$100 million will serve as reserves for future expansion in markets including UK, Singapore and the US.

OSL is the first digital asset platform to be licensed by the Securities & Futures Commission (SFC) of Hong Kong. It provides brokerage, custody, exchange and SaaS services for institutional clients and professional investors. It also offers insured wallets to ensure the safekeeping of digital assets with timely transaction settlement.

“This investment is a major milestone for our business,” says Hugh Madden, CEO of BC Group. “It's also a massive win for digital assets adoption in Asia Pacific, particularly the growing digital asset hubs of Hong Kong and Singapore.”

Want our latest Singapore corporate news stories for FREE

Follow our Telegram, Facebook for the latest updates round the clock

Photo: Bloomberg