Cryptocurrency Exchange OSL Parent Company Closes $70 Million Financing

The Government of Singapore Investment Corporation (GIC), the sovereign wealth fund that manages Singapore’s foreign exchange reserves, has invested HK$543.19 million (US$70 million) in Hong Kong-listed BC Group.

Cryptocurrency Exchange OSL Parent Company Closes  Million Financing

The Block reported on June 13 that the Government of Singapore Investment Corporation (GIC), the sovereign wealth fund that manages Singapore’s foreign exchange reserves, has invested HK$543.19 million ($70 million) in Hong Kong-listed BC Group, the parent company of regulated cryptocurrency exchange OSL.

According to BC Group’s public disclosure on the Hong Kong Stock Exchange on Friday, the investment was made through an additional issue of new shares, with BC Group issuing 31,952,500 shares to GIC at a price of HK$17 per share.

BC Group said the proceeds will be used to cover technology-related and capital costs to develop and enhance the digital asset platform business. A portion of the proceeds from the fundraising will also be retained “for future expansion in markets such as the U.K., Singapore and the U.S.,” the exchange said in the disclosure.

In a statement shared with The Block, Hugh Madden, CEO of BC Group, said

This investment is an important milestone for our business and reaffirms our market strategy. It is also a huge win for the adoption of digital assets in the growing digital asset hubs of the Asia Pacific region, particularly Hong Kong and Singapore.
This is not the first known investment in the cryptocurrency space by the Government of Singapore Investment Corporation (GIC). 2019 saw reports that GIC participated in Coinbase’s $300 million Series E funding round in 2018.

In January of this year, BC Group raised $90 million through a share top-up. Prior to that, the company also raised $20 million from Fidelity International through two equity placements.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/cryptocurrency-exchange-osl-parent-company-closes-70-million-financing/
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