BC Group’s Digital Asset Wing Sees 737% Annual Revenue Jump

BC Group, a technology and digital asset trading company, reported its annual figures on Tuesday, showing a 737 percent increase in the year-on-year crypto revenue.

In numbers, the digital asset platform has generated RMB 72 million (around $10.15 million) in 2019, while the reported figures for 2018 only stood at RMB 9 million (almost $1.27 million).

Based in Hong Kong, BC Group offers an array of digital asset-based services, including brokerage services, automated trading, and institutional crypto custody services, along with software-as-a-service (SaaS) solutions under the OSL brand.

The total revenue for the company touched RMB 165 million ($23.6 million) last year - a 14 percent increase from the previous year.

The company highlighted that the OSL platform generated 44 percent of its total revenue last year, compared to merely 9 percent a year before.

“Our strong performance is a testament to our core commitment to security, Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term, compliance and licensing as well as accelerated business development and sales efforts,” Hugh Madden, chief executive of BC Group, said.

A proportional increase in customers

The increasing revenue followed a growing number of customers on the OSL platform as it spiked by 254 percent.

The company pointed out that the SaaS product is the newest to its list of offerings and already added ten customers, including an unnamed major regional bank.

“With the rapid growth of BC Group’s OSL digital asset platform, we have become Asia’s premier institutional gateway to global digital asset capital markets,” Madden added.

Despite the big numbers, the group recorded a net loss of RMB 245 million in its books due to “a reduction in revenue and gross profit from advertising and business park area management services and an increase in expenditure for the expansion of operations for the digital assets and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term platform business.”

Founded in 2003, BC Group shifted its focus on digital assets in recent years with the boom in the nascent industry.

Earlier this year, it banked $36 million in funding with share placement.