Fidelity International Buys 5.6% Stake In A Hong Kong Based OSL Crypto Exchange Operator

2020-2-22 21:37

Fidelity International, an off-shoot of renowned US-based financial asset manager Fidelity Investments, has decided to purchase a 5.6% stake in crypto exchange OSL that operates in Hong Kong.

According to public disclosure documents, Fidelity international purchased 17 million shares from BC Group which owns OSL crypto exchange. According to the deal, each share was valued at HK$6.50 (US$0.83) which translates to $14 million worth of investment which is 5.6% stake in the crypto firm.

According to CoinDesk, the current investment is one of the $36 million share placement which BC Group revealed last month. The firm which listed on the Hong Kong Stock Exchange revealed that the transactions were finished on Feb. 12, however the investors’ names were not revealed until today.

The round also attracted major global investors such as Eternity Investment Limited which is based in Hong Kong that mostly deals with jewelry products.

According to BC Group CFO, Steve Zhang, the current placement by global renowned investors is evidence that the digital asset industry is becoming of age. He added that this only confirms what the majority of crypto enthusiasts believe that mass adoption of crypto and digital assets is inevitable. He also explained that global financial companies are rapidly investing in firms which have developed institutional quality infrastructure and are compliant with the set regulatory standards.

OSL is one of the biggest cryptocurrencies exchanges within Asia which focuses on both institutional as well as individual investors offering services like trading, custody and brokerage. Recently, the firm applied for Hong Kong Securities and Futures Commission licence as per digital asset framework category.

Hugh Madden, BC Group’s CEO, expressed his gratitude that equity investors that are world-class are rapidly taking part in the ever-growing virtual asset sector. He added that the firm is optimistic of reaching new heights after the coming on-board of leading institutional investors.

From its disclosures, Fidelity International claims that it is managing customer assets valued at $418.8 billion with its clientele coming from all over the world.

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