Friday, March 5, 2021
pool-ads
Home Latest News Business Fidelity doubles down on Hong Kong crypto operator

Fidelity doubles down on Hong Kong crypto operator

Fidelity Investments, one of the world’s largest asset managers, has poured more capital into a Hong Kong-based cryptocurrency operator — offering yet another bullish indicator for the evolution of digital-asset markets around the world.

An exchange filing obtained by Singapore-based Business Times shows that Fidelity acquired a 6.29% stake in BC Technology Group after investing $6.71 million in the company. Business Times noted that Fidelity had increased its exposure to the company, though didn’t specify the initial investment amount.

According to Cointelegraph, the investment was announced right after BC Technology Group disclosed that it had reached an agreement to raise HK$697 million ($89.9 million) in a “top up share placement.” 

BC Technology Group is the operator of OSL, a famous cryptocurrency exchange that recently obtained a coveted license from Hong Kong’s Securities and Futures Commission (SFC). A BC Group press release dated Dec. 15, 2020 alleges that OSL is the world’s “first SFC-licensed, listed, digital asset wallet-insured, Big-4 audited digital asset trading platform for institutions and professional investors.” 

Fidelity has made some strategic investments in the cryptocurrency market, including expanding its custody services in Asia through a partnership with Stack Funds, a Singapore-based crypto startup. At the end of 2019, Fidelity’s digital-asset unit established an official entity in the United Kingdom to serve institutional investors in Europe.

Headed by Abigail Johnson, Fidelity is positioning itself as an institutional pioneer for cryptocurrency adoption. Recognizing the potential value of digital assets, Fidelity has been harvesting Bitcoin (BTC) since 2014.

Fidelity’s early investments in Bitcoin and Ether (ETH) seem to be paying off today, as both assets vie for a bigger role in institutional finance and global monetary systems. Just last week, the combined value of all cryptocurrencies broke above $1 trillion for the first time, finally reaching a high of about $1.2 trillion. 

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
magazine-ads

Must Read

$250M Fund to Invest in Polkadot and Cardano Launched in India

0
Based in Dubai, UAE, FD7 is a crypto-oriented investment fund with over $1 billion in assets under management (AUM). The company recently announced somewhat...