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Pico y Pala – Bitcoins, Ethereum, Ripple,…

Constancy doubles down on Hong Kong crypto operator

01/12/2021

The mutual fund big now owns 6.29% of BC Expertise Group following the most recent money injection.

Constancy Investments, one of many world’s largest asset managers, has poured extra capital right into a Hong Kong-based cryptocurrency operator — providing one more bullish indicator for the evolution of digital-asset markets worldwide. 

An change submitting obtained by Singapore-based Enterprise Occasions exhibits that Constancy acquired a 6.29% stake in BC Expertise Group after investing $6.71 million within the firm. Enterprise Occasions indicated that Constancy had elevated its publicity to the corporate, although didn’t specify the preliminary funding quantity.

The funding was introduced shortly after BC Expertise Group disclosed that it had reached an settlement to boost HK$697 million ($89.9 million) in a “high up share placement.”

BC Expertise Group is the operator of OSL, a preferred cryptocurrency change that just lately obtained a coveted license from Hong Kong’s Securities and Futures Fee, or SFC. A BC Group press launch dated Dec. 15, 2020 claims that OSL is the world’s “first SFC-licensed, listed, digital asset wallet-insured, Huge-4 audited digital asset buying and selling platform for establishments {and professional} traders.”

Constancy has made numerous strategic investments within the cryptocurrency market, together with increasing its custody companies in Asia via a partnership with Stack Funds, a Singapore-based crypto startup. On the finish of 2019, Constancy’s digital-asset unit established an official entity in the UK to serve institutional traders in Europe.

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

Constancy’s early investments in Bitcoin and Ether (ETH) look like paying off as we speak, as each belongings vie for an even bigger position in institutional finance and world financial methods. Simply final week, the mixed worth of all cryptocurrencies broke above $1 trillion for the primary time, finally reaching a excessive of round $1.2 trillion.