BC Technology Group, a digital asset and fintech company as well as the parent company of OSL, announced that it has acquired the core intellectual property assets of blockchain engineering firm Enuma Technologies, and on-boarded the Enuma team, including CEO Antoine Cote.
The acquisition includes bridgepoint.io, a software-as-a-service (SaaS)-based digital asset portfolio management system, market data infrastructure, algorithmic pricing and lending platform with blockchain integration, which will supplement BC Group’s OSL platform product offerings to regulated asset managers, and will eventually be integrated into OSL’s deep liquidity pools.
BC Group and its OSL platform are focused on servicing the growing institutional digital asset client segment.
OSL was the first to apply for the Hong Kong SFC’s Type 1 and 7 digital asset trading platform licences. The company has also applied to the Monetary Authority of Singapore for a digital asset license under the Payment Services Act.
BC Group CEO Hugh Madden said,
“As an innovative company in a fast-moving space, we are always on the lookout for strategic growth opportunities, whether through joint-ventures, M&A or senior leadership hires. Through this acquisition, we’ve been fortunate to enhance our team while simultaneously building out our technology suite, further strengthening our platform-driven business model.”
Cote has more than 20 years of experience as a serial entrepreneur and engineer, including the last five years as the co-founder and CEO of Enuma. He is a former 12-year veteran of Microsoft, where he led large engineering teams in the United States and China, founded the Microsoft R&D Center in Shanghai and was awarded 14 design patents from the United States Patent Office.
“I’m excited to be joining BC Group, bolstering the already market-leading OSL platform on a global stage. The potential growth of digital assets is truly exponential as institutional adoption accelerates,”
said Cote.
Increasing regulatory clarity and entry into digital assets by forward-thinking banks, funds and investors supports the rapid expansion of the asset class. In recent months, several major financial institutions across the world have announced plans to support digital asset products.
Institutional acceptance and adoption is already underway in the market, as evidenced by the group’s recent financial results. In its interim results announcement on 12 August 2020, BC Group stated it had experienced a year-on-year revenue increase of 47%, driven mainly by record annualised trading volumes of US$28 billion achieved during the first six months of the year.
Featured image: BC Group CEO Hugh Madden
