financemagnates.com
Hong Kong-listed BC Technology Group, which operates digital asset exchange OSL, published its financials for 2020, showing a 32 percent year-over-year increase, along with growth in all other key metrics.
In absolute terms, the revenue of the group company came in at RMB217 million. Revenue from the digital asset exchange stood even higher with RMB151 million, an annual jump of 111 percent, and makes around 70 percent of the group’s total revenue.
Digital Asset Business Is Booming
OSL, which holds both the Type-1 and Type 7 licenses from Hong Kong’s financial regulator, commenced its full operations earlier this month after a long trial with selected trading partners and investors. The exchange is now seeking a license in Singapore as well and partnered with DBS bank.
Total assets on OSL, which targets institutional and professional investors with custody, prime brokerage, exchange, and software-as-a-service, grew by 487 percent year-over-year to RMB2.6 billion, while the active customer jumped by 130 percent.
The group further detailed that the trading volume on the digital asset platform upped 228 percent to RMB149 million, out of which 93 percent came from institutions.
Though the group had a positive adjusted EBITDA of RMB5 million for the year, it ended with a net loss of RMB259 million.
“Despite the global headwinds as a result of COVID-19 and other geopolitical factors, 2020 was a banner year for BC Technology Group and its OSL digital asset platform business,” BC Group CEO, Hugh Madden said.
“As a first mover and a licensed operator in Hong Kong, we are confident that we can continue to build market share as the digital asset ecosystem expands exponentially to regulated players, particularly in the security token space.”
Meanwhile, the group raised a total of $126 million in two consecutive share placements earlier this year to expand the operations of its digital asset exchange.