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Hong Kong Inventory Change-listed BC Group, the operator of institution-focused digital property buying and selling platform OSL, reported a 737% enhance in income in 2019.
On March 31, BC Group revealed that its OSL digital property platform had been its largest 2019 earner, accounting for 44% of the Group’s revenues — up from simply 6% in 2018.
The OSL digital property platform provides establishments companies that embody over-the-counter brokerage, Software program-as-a-Service instruments, custodial companies and institutional digital asset change.
Regulatory progress
Whole year-on-year income for BC Group in 2019 was RMB72 million ($10 million) — up 737% from the earlier yr, as famous above.
This enhance in income was accompanied by OSL’s submission of an software for licenses to conduct regulated actions beneath the Hong Kong Securities and Futures Fee’s new regulatory framework for digital asset buying and selling platforms.
Submitted in November 2019, the license software is judged by the agency to be a milestone in its digital property enterprise growth, with BC Group CFO Steve Zhang stating:
“We view the introduction of licensing for digital property in Hong Kong in 2020 as an inflection level. It will galvanise institutional participation within the digital asset area and speed up development of BC Group and our OSL digital asset platform enterprise as conventional securities proceed to digitize.”
Noting that the digital asset securities market is forecast to develop by over 5,000% to $11 trillion by 2024, BC Group says it has centered its energies on strengthening administration and rebranding is digital property services.
Methods embody opening a brand new OSL workplace in Singapore in July 2019, intensifying SaaS gross sales efforts to main establishments, and issuing a $36 million share placement in January 2020 to fund continued growth.
Regardless of the turmoil in world markets amid the COVID-19 pandemic, the agency doesn’t imagine this may impede the transition of monetary companies in direction of digital property.
In February, Cointelegraph reported that Constancy Worldwide had acquired a stake in BC Group, buying 17 million shares for a 5.6% possession place.
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