Hong Kong’s OSL Raises $300M to Bring ‘Trusted Access’ to Crypto Ahead of Stablecoin Law Rollout
The post Hong Kong’s OSL Raises $300M to Bring ‘Trusted Access’ to Crypto Ahead of Stablecoin Law Rollout appeared on BitcoinEthereumNews.com. In brief OSL Group is raising HK$2.36 billion (US$300 million) through new share issuance. About $90 million is earmarked for stablecoin and payment infrastructure. Observers say the move positions OSL to capitalize on early demand for compliant stablecoin rails in Asia. OSL Group, Hong Kong’s first licensed digital asset exchange, said Friday it will raise HK$2.36 billion (about US$300 million) to fund acquisitions, global expansion, and a major push into stablecoin and payment infrastructure. Roughly HK$700 million, or 30% of proceeds, will go toward “global business and new business initiatives, including payment and stablecoin initiatives,” according to a filing with the Hong Kong Stock Exchange. “Our vision, a world where every person and business has trusted access to crypto, is more relevant than ever,” it said in the filing. OSL shares have climbed nearly 88% since late January, rising from HK$9.12 to a peak of HK$20.30 (US$2.60) in mid-July, per Google Finance data. The stock last closed at HK$17.14 (US$2.20) on July 25, with all new shares across the deal priced at HK$14.90, a fixed subscription price set at a 15.3% discount to Thursday’s close. Hong Kong’s stablecoin bill OSL’s timing is no coincidence. Hong Kong’s stablecoin bill is set to take effect next week, and a licensing regime for OTC crypto trading is expected before year-end. The stablecoin bill, passed earlier in May by the city’s Legislative Council, will introduce a licensing framework for fiat-referenced stablecoins issued to the public in Hong Kong. Hong Kong is likely to accelerate blockchain adoption in the coming years, producing “ample opportunities for those in the space,” Peter Chung, who heads research at quantitative trading firm Presto Labs, told Decrypt. Consequently, OSL appears to be “taking full advantage of its status” as a listed company to raise capital publicly and capture growth, he…
The post Hong Kong’s OSL Raises $300M to Bring ‘Trusted Access’ to Crypto Ahead of Stablecoin Law Rollout appeared on BitcoinEthereumNews.com.
In brief OSL Group is raising HK$2.36 billion (US$300 million) through new share issuance. About $90 million is earmarked for stablecoin and payment infrastructure. Observers say the move positions OSL to capitalize on early demand for compliant stablecoin rails in Asia. OSL Group, Hong Kong’s first licensed digital asset exchange, said Friday it will raise HK$2.36 billion (about US$300 million) to fund acquisitions, global expansion, and a major push into stablecoin and payment infrastructure. Roughly HK$700 million, or 30% of proceeds, will go toward “global business and new business initiatives, including payment and stablecoin initiatives,” according to a filing with the Hong Kong Stock Exchange. “Our vision, a world where every person and business has trusted access to crypto, is more relevant than ever,” it said in the filing. OSL shares have climbed nearly 88% since late January, rising from HK$9.12 to a peak of HK$20.30 (US$2.60) in mid-July, per Google Finance data. The stock last closed at HK$17.14 (US$2.20) on July 25, with all new shares across the deal priced at HK$14.90, a fixed subscription price set at a 15.3% discount to Thursday’s close. Hong Kong’s stablecoin bill OSL’s timing is no coincidence. Hong Kong’s stablecoin bill is set to take effect next week, and a licensing regime for OTC crypto trading is expected before year-end. The stablecoin bill, passed earlier in May by the city’s Legislative Council, will introduce a licensing framework for fiat-referenced stablecoins issued to the public in Hong Kong. Hong Kong is likely to accelerate blockchain adoption in the coming years, producing “ample opportunities for those in the space,” Peter Chung, who heads research at quantitative trading firm Presto Labs, told Decrypt. Consequently, OSL appears to be “taking full advantage of its status” as a listed company to raise capital publicly and capture growth, he…
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