Singapore’s GIC Invests US$ 70 Million in Digital Asset Firm BC Group

Singapore’s GIC Invests US$ 70 Million in Digital Asset Firm BC Group

by June 11, 2021
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BC Technology Group, a digital asset and fintech company as well as the parent company of OSL, secured an investment of US$ 70 million (HKD 543.19 million) from GIC, a Singaporean sovereign wealth fund.

The company intends to develop and enhance the platform technology of its digital asset business and has earmarked approximately HK$100 million as reserves for future expansion in markets including UK, Singapore and America.

The funding comes shortly after BC Group’s recent tie up with Standard Chartered to launch a digital asset brokerage and exchange platform for institutional and corporate clients in the UK and Europe.

Hugh Madden

Hugh Madden

Hugh Madden, CEO of BC Group said,

“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

Steve Zhang

Steve Zhang, CFO of BC Group said,

“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.”

 

Featured image credit: Edited from Unsplash

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