BC Technology Group, a digital asset and Fintech-focused firm as well as the parent of OSL, has acquired a $70 million (appr. HKD 543.19 million) investment from Singapore’s GIC, the city-state’s sovereign wealth fund.
BC Technology Group says it’s planning to further develop and improve the platform tech of its digital asset business and has set aside around HKD 100 million as reserves for its ongoing expansion efforts into other markets such as the United States, United Kingdom, as well as Singapore.
The funding has been received after BC Group’s recent partnership with Standard Chartered to introduce a crypto-asset brokerage and exchange platform for institutional and corporate customers based in the UK and across Europe.
Hugh Madden, CEO of BC Group, stated:
“This investment is a major milestone for our business. Reconfirming our strategy to the market. It’s also a massive win for digital assets adoption in Asia Pacific, particularly the growing digital asset hubs of Hong Kong and Singapore. BC Group is well positioned with its OSL platform to continue to drive the adoption of the digital asset class in the financial services industry.”
Steve Zhang, CFO of BC Group, remarked:
“We’re extremely excited about the next phase of BC Group’s growth. Our vision is to lead the regulated, institutional evolution of the digital asset market. This investment allows us to further explore market opportunities, continue to scale our technology and stay ahead of the needs of our growing client base.”
As reported earlier this month, SC Ventures, the venture unit of Standard Chartered Bank, joined forces with digital asset company BC Group to establish a crypto brokerage and exchange for institutional, as well as corporate clients, in the UK and Europe.
According to the duo, BC Group Chief Information Officer, Usman Ahmad, will be CEO of the new company, while Nick Philpott of SC Ventures will be COO. The venture will notably be “underpinned” by BC Group’s OSL digital-asset technology, as well as Standard Chartered’s global network and experience in brokerage.
Headquartered in the UK, and initially serving the European market, the firm will connect institutional traders to counterparties across markets, “delivering access to deep pools of liquidity in Bitcoin, Ethereum and other digital assets.” The JV aims “to launch in the fourth quarter of 2021, subject to regulatory approvals.”
Wayne Trench, CEO of BC Group’s OSL, noted (earlier this month):
“Standard Chartered and SC Ventures are known globally as leaders in fintech innovation and banking, and the partnership fits with our geographical expansion and growth strategy as it allows OSL to rapidly enter the European market with a leading partner.”