Singapore’s sovereign fund invests $70 million in regulated crypto exchange operator OSL

The Singapore sovereign wealth fund invested HK$543.19 million (~$70 million at current rates) in BC Technology Group, the operator of the institutional digital-asset platform OSL.

According to documents, the fund bought more than 31.9 million shares of the company at HK$17 per share.

The proceeds will be used by BC Group to develop and expand the platform’s business. A portion of the proceeds will be kept as reserves for future expansion into the UK, Singapore and the US.

OSL is an institutional-focused crypto exchange, also providing brokerage, custodial, and SaaS-services. BC Technology Group holds licenses to operate digital assets with the Hong Kong Securities and Futures Commission and has undergone an audit by one of the Big Four.

In February 2020, BC Group attracted $14 million from the financial giant Fidelity International. The company also raised about $89.9 million in a secondary offering to unnamed institutional investors.

Earlier, in January 2021, Fidelity Investments invested in BC Technology Group $6.7 million.

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