BGX to Acquire 30% Stake in OSL’s BC Group with HK$710 Million Investmentby Fintech News Hong Kong November 17, 2023
BC Technology Group, the parent company of digital asset platform OSL licensed by Hong Kong’s Securities and Futures Commission, has secured an investment of approximately HK$710 million from BGX.
The deal, which hinges on the approval of BC Group’s shareholders, will see BGX holding 30% stake in company if approved.
These funds will be directed towards mergers and acquisitions in the digital asset and blockchain platform sector, development and enhancement of digital asset platform technology, support for the capital requirements of the group’s regulated subsidiaries, and general working capital.
Hugh Madden, CEO of BC Technology Group said,
“We are immensely proud of this strategic partnership with BGX. This investment by BGX not only bolsters our capital strength but also introduces a forward-thinking collaborator in the realm of regulated digital asset services, furthering our mission to innovate and expand in the digital asset market.
It’s a significant endorsement of our strategy to lead with regulation and compliance, enabling us to continue offering our institutional, professional, and retail investors the best-in-class digital asset services.”
Patrick Pan, CEO of BGX, remarked,
“Our investment in BC Technology Group and OSL is a strategic move that reflects our belief in the immense potential of the digital asset market.
We are confident that this partnership will not only strengthen BGX’s global presence but also enhance the growth trajectory of the digital asset industry.”