Fidelity International Increases Stake In A Hong Kong Cryptocurrency Exchange Operator


Lower than a yr after buying a considerable portion within the Hong Kong-based crypto-focused agency BC Know-how Group, Fidelity International has upped its stake. The funding subsidiary of the Boston-based mutual fund big has allotted almost $7 million extra for a complete stake of 6.29%.

Fidelity Doubles-Down On Investing In A Crypto Agency

Bloomberg reported in February final yr that Fidelity International had acquired a $14.2 million stake in BC Know-how Group Ltd. – the operator of one among Asia’s largest digital asset platforms for skilled traders, OSL.

On the time, Fidelity bought 17 million shares for a mean value of $zero.85 per one, and the corporate obtained a 5.6% portion.

Earlier in the present day, Singapore’s monetary media outlet Enterprise Instances reported that the funding arm of the US-based mutual fund behemoth had elevated its stake. Fidelity had allotted one other $6.71 million and now owns 6.29% of BC Know-how Group.

BC Group introduced earlier that it had signed an settlement to boost almost $120 million in a top-up share placement that included undisclosed institutional traders.

Hong Kong’s Securities and Futures Fee (SFC) granted OSL licenses for Kind 1 (dealing in securities) and Kind 7 (automated buying and selling service) final yr. Thus, the BC Group-operated buying and selling platform turned one of many first exchanges based mostly in Asia to supply automated cryptocurrency buying and selling companies beneath the digital asset regime that SFC launched in 2019.

Fidelity, Crypto, And Asia

The cryptocurrency-oriented subsidiary of the funding firm, referred to as Fidelity Digital Asset Companies (FDAS), additionally made a strategic funding that concerned digital belongings on this planet’s largest continent.

CryptoPotato reported in October 2020 that Fidelity partnered with a regulated fund supervisor centered on digital asset companies referred to as Stack Funds to allow Asian traders to buy and retailer cryptocurrencies.

Each events indicated that the Asian market had been progressively rising in demand in the direction of the crypto business, particularly from high-net-worth people and household places of work.

Beforehand in 2020, FDAS launched its first Bitcoin Index Fund with a minimal funding requirement of $100,000. Moreover, the corporate printed a research highlighting the rising curiosity in cryptocurrencies. It concluded that 36% of institutional traders have already bought bitcoin or one other digital asset.

Binance Futures 50 USDT FREE Voucher: Use this hyperlink to register & get 10% off charges and 50 USDT when buying and selling 500 USDT (restricted provide).

PrimeXBT Particular Supply: Use this hyperlink to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit as much as 1 BTC.

Source link Crypto Potato


Be the first to comment

Leave a Reply

Your email address will not be published.