Hong Kong trading platform OSL strategies to “sell” itself for $128 million

OSL, 1 of the couple of cryptocurrency exchanges licensed in Hong Kong, is thinking of marketing portion of its platform due to declining trading volumes.

Hong Kong trading platform OSL strategies to “sell” itself for $128 million

According to sources of BloombergBC Technology Group behind the OSL exchange is evaluating a selection of prospective customers, from field insiders to various investment money, with a negotiated price tag of HKD one billion (equivalent to $128 million) for reselling the platform.

Hong Kong’s BC Technology Group is exploring the sale of its OSL crypto platform https://t.co/YiAnJBPqJB

— Bloomberg Crypto (@crypto) October 16, 2023

Bloomberg stated BC Technology may possibly promote elements of OSL rather than the whole platform. Negotiations are nonetheless ongoing and there is no promise on the final result of the acquisition. Furthermore, other facts about the purchaser is not disclosed.

BC Technology representative responded to the media:

“We are a remarkably transparent and strictly regulated business. We will not comment on industry rumors and speculation.”

OSL is a cryptocurrency trading and custody platform primarily based in Hong Kong. Together with HashKey, these are the only two cryptocurrency exchanges licensed as of August 2023. The license registration approach is also identified to be extremely pricey, the business had to spend $twelve to $twenty million for licensing charges .

OSL has withdrawn its license application in Singapore and strategies to file an amendment, some buyers in Singapore are getting redirected to the Hong Kong platform.

BC Technology’s money statements display that OSL is the key supply of income for the group. In the initial 6 months of 2023, cryptocurrency trading volume on OSL nearly halved to HKD 112.six billion in contrast to the identical time period final yr. Proving that the platform’s declining income led the business to make your mind up to promote itself.

On the other hand, BC Technology’s money image is a small additional beneficial, the group lowered the reduction from HKD 300 million to HKD 90 million in the reference framework for the initial six months of the yr.

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