Crypto Shake-Up: Is Hong Kong’s OSL Exchange On The Market For $128 Million?

Crypto Shake-Up: Is Hong Kong’s OSL Exchange On The Market For $128 Million?
фото показано с : bitcoinist.com

2023-10-17 22:00

Within the vast terrain of Asia’s crypto exchanges, OSL, operating under the aegis of Hong Kong’s BC Technology Group Ltd., has proved to be a standout, primarily because of its regulatory adherence. However, as recent revelations suggest, this acclaimed crypto platform may soon change hands, causing a stir in the crypto community.

Particularly, Bloomberg has revealed that BC Technology Group Ltd. is mulling over the potential sale of its celebrated crypto platform, OSL. It’s worth noting that OSL is one of the duo of exchanges privileged with a license according to the digital-asset guidelines introduced by the city in June.

Exploring Options, Valuations, And Potential Divestitures

According to Bloomberg, citing sources intimate with the ongoing discussions, the valuation estimates being considered for OSL hover around HK$1 billion, equivalent to approximately $128 million.

This valuation has emerged after BC Technology purportedly reached out to potential buyers, which includes established entities in the crypto space and investment funds.

Notably, OSL’s collection of services extends to offering prime brokerage, crypto custody, and a business infrastructure tailored for financial institutions aiming to venture into virtual asset trading.

Given the multifaceted nature of the exchange, Bloomberg reported, citing people familiar with the matter that BC Technology may also be weighing the possibility of divesting parts of OSL rather than offloading the entire business. 

In response to the rumors about the potential sale, a BC Technology spokesperson maintained the firm’s stance on refraining from commenting on market speculations.

Financial Performance And Regulatory Navigations 

Furthermore, a delve into BC Technology’s interim report offers some context in the company’s performance over the years. Notably, BC Technology’s net loss decreased to HK$95 million for the half-year concluding in June, a marked improvement from the loss of over HK$300 million from the corresponding period in the prior year.

The report further reveals that OSL’s blockchain and digital assets platform remains the primary revenue generator for BC Technology. In addition, OSL’s trading volume declined, shrinking to HK$112.6 billion in the first half of 2023 from its previous year.

While BC Technology’s market value witnessed a significant surge, nearly doubling to approach HK$1.9 billion since its August low, it still lags by 80% from its peak achieved in June 2021.

On the regulatory front, OSL has retracted its application for a digital asset license in Singapore. Nevertheless, according to Bloomberg, the exchange has plans to present a “revised submission.” This change in strategy also means some Singapore clients are anticipated to transition to the Hong Kong exchange.

Featured image from Unsplash, Chart from TradingView

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

crypto kong osl hong ltd technology group

crypto kong → Результатов: 126


Bitcoin, Blockchain and Cryptocurrency Daily News Recap for November 6th [VIDEO]

Venezuela’s Supreme Court Orders Petro Crypto Compensation Payment in Workplace Injury Case Venezuela’s Supreme Court Orders Petro Crypto Compensation Payment in Workplace Injury Case Hong Kong Crypto Exchange to Shut Down Its BTCC Pool Limited Mining Business Hong Kong Crypto Exchange to Shut Down Its BTCC Pool Limited Mining Business Depository Trust & Clearing Corporation […]

2018-11-7 08:36


Bitfury Reportedly Considering a $5 Billion Crypto IPO in Europe

Bitfury is reportedly in talks with global investment banks regarding its plans to launch Europe’s biggest crypto IPO till date, reported Bloomberg. The cryptocurrency mining startup plans to go public in either Amsterdam, London or Hong Kong, with a tentative valuation anywhere between $3 billion to $5 billion, depending on the market and industry conditions.

2018-10-26 16:28


Hong Kong Stock Exchange: Crypto Should be Subject to Existing Securities Regulation

A research report by the Hong Kong Exchange (HKEX) argued that fintech firms using cryptocurrency should be subjected “to the governance by the Securities Law”. HKEX Finds Risks In Large-Scale Deployment of Blockchain In Securities Industry The stock exchange of Hong Kong, Asia’s third-largest operator by market cap, published a report on fintech applications and.

2018-10-23 10:30


HKEX Report Recommends Crypto Regulation Under Existing Legal Frameworks

The Hong Kong Stock Exchange (HKEX) has released a new report detailing why cryptocurrency and blockchain should come under new regulation based on existing regulatory frameworks. Drafted by the Chief China Economist’s Office and Innovation Lab at HKEX, the report recommends rethinking of the use of blockchain and artificial intelligence (AI) applications to come under […]

2018-10-22 21:38


China’s crypto exchange BTCC will launch trading services in South Korea next month

BTCC, China’s first Bitcoin (BTC) exchange, is set to launch trading services in South Korea, Korean business outlet The Investor reported on October 16. BTCC, which presently has headquarters in Hong Kong, will reportedly start beta services for trading in South Korea later this month and make its official debut in the market in November. […]

2018-10-22 12:05