Fidelity International invests $14 million in BC Group, operator of OSL
Fidelity International joins a funding round for BC Group, parent company of Hong Kong-based crypto exchange OSL, signaling institutional interest.
On February 21, 2020, Fidelity International invests $14 million in BC Group, operator of OSL. Fidelity International joins a funding round for BC Group, parent company of Hong Kong-based crypto exchange OSL, signaling institutional interest.
As part of one of the world's largest asset management firms, with trillions of dollars under management, Fidelity's venture into cryptocurrency investments carried significant weight and helped legitimize the industry in the eyes of more conservative institutional investors. Fidelity had been one of the earliest mainstream financial institutions to take Bitcoin seriously, with Fidelity Investments (the U.S. entity) launching its Digital Assets division in 2018 to provide cryptocurrency custody and trading services to institutional clients.
Fidelity International's investment in BC Group extended this commitment to the Asian market, which was crucial for Bitcoin's global adoption given the region's high cryptocurrency trading volumes and progressive regulatory frameworks in jurisdictions like Singapore and Hong Kong. OSL distinguished itself by obtaining licenses and regulatory approvals that allowed it to serve institutional clients while complying with local securities laws, addressing a key concern for traditional financial institutions exploring cryptocurrency exposure.