Crypto firm BGX invests $90 million in Hong Kong regulated exchange OSL
BGX, the company that operates BitgetX in Hong Kong, has agreed to invest $90 million in BC Technology. BC Technology is the parent company of OSL, a publicly listed crypto exchange on the Hong Kong Stock Exchange. BitgetX announced that it does not follow regulatory registration and licensing in Hong Kong.
BC Technology Group, the company behind the crypto exchange OSL, has agreed to a strategic investment from BGX, the crypto operator of the BitgetX platform.
The news development was shared in a press release published by BC Technology on Tuesday, November 14.
BGX invested $90 in OSL
Details indicate that BGX's investment includes the subscription of shares in OSL's parent company for HK$710 million (approximately $90 million).
“Our investment in BC Technology Group and OSL is a strategic move that reflects our belief in the tremendous potential of the digital asset market,” said Patrick Pan, CEO of BGX. “We are confident that this partnership will not only strengthen BGX's global presence, but also accelerate the growth trajectory of the digital asset industry,” he added.
Although systematic registration of shares has been agreed upon, these are carried out with limited jurisdiction. This will happen after approval from BC Technology shareholders.
🚀 Big news at #OSL! Our parent @bctechgroup announced a HK$710 million strategic investment from BGX.
📈 Here's the point: – Fueling M&A in the digital asset and blockchain sectors – Advancing digital asset platform technology. – Supporting capital needs…
— OSL (@osldotcom) November 14, 2023
To stop BitgetX operations
OSL, a wholly owned subsidiary of BC Technology, was the first digital asset exchange to receive regulatory approval from the Hong Kong Securities and Futures Commission (SFC).
Today's announcement comes a day after Hong Kong-based cryptocurrency BitgetX informed its customers that its BGX platform plans to cease operations by December 13.
BC Technology has also requested that the Hong Kong Stock Exchange suspend trading of OSL shares in terms of the business agreement. Bitget's announcement also takes the decision into consideration.
The price of Bitget Token (BGB) increased significantly after the news.
