BC Group, a Hong Kong-based technology and digital asset trading company, announced on Wednesday that it raised $36 million in a share placement.
Per the press release shared with Finance Magnates, the funds came as the company’s digital asset business is projecting massive growth after seeing a revenue increase of 386 percent in the first half of 2019 compared to the figures in the previous half.
Mentioning the development, Hugh Madden, CEO at BC Group, said: “Digital asset market infrastructure is going through a rapid changing of the guard. Licensing frameworks in every major jurisdiction are rewarding only the strongest and most professional operators, and these firms will continue to capture market share from unlicensed players.”
The company, however, did not reveal the names of the investors.
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A regulated crypto platform
Founded in 2003, BC Group shifted its focus on digital assets in recent years with the boom in the nascent industry. The company is facilitating digital asset trading services via its platform called OSL and is primarily focusing on lucrative institutional clients.
“The raise represents a new phase of growth for the Group,” continued Madden. “It allows us to further invest in key areas such as technology and compliance which will be essential as we compete and win in this dynamic environment.”
OSL also applied to obtain a license from the jurisdiction’s financial watchdog, which introduced regulatory framework last year.
“Asia is at the centre of growth in digital assets and blockchain technology for innovation and adoption,” Madden added. “With its Hong Kong headquarters, global footprint and robust investor and client base, OSL is exceptionally positioned to be the world’s preeminent digital asset platform.”
Though Hong Kong has introduced regulations for the digital asset-based businesses, a report last year revealed that the authorities are reluctant to issue licenses to crypto funds.