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Fidelity International Finalized $17Mln Stakes Purchase Of Hong Kong Crypto Firm BC Group

By Katelyn James | February 22, 2020

Fidelity International has reportedly finalized an investment initiative, via stake acquisition of BC Group, the firm that runs OSL – an institution-focused digital asset platform across the Asia continent. 

Disclosed by the Hong Kong Stock Exchange on February 17th, the acquisition of 17 million shares – equivalent to HK$110.5 million ($14.2 million), in exchange for 5.6% of ownership, was finalized on February 12. 

The acquisition is part of the total $36 million share available for purchase, revealed by BC Group in January this year. With almost half of the sum purchased by Fidelity International, it has become the primary investor into the Hong Kong-based corporation. 

OSL is generally known as a crypto asset platform, which has a wide array of services available to support any business that is looking to work with crypto assets. It particularly offers Software as a Service (SaaS) solution, which allows for digital assets interface, along with Over the Counter (OTC) features for big customers, custody services and an institutional digital asset exchange. 

“The raise represents a new phase of growth for the Group. 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.” Hugh Madden, head of BC Group, shared his remarks regarding the development. 

“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.” He further provided his point of view, regarding how the crypto asset scene is experiencing major changes, regulation-wise.

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