OSL said its latest milestone reflects “strong recognition” of its digital asset business model.
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Digital asset platform OSL Group has secured $300 million in equity financing, marking the largest publicly disclosed equity raise in Asia’s crypto sector to date.
On Friday, the company that it will deploy the funds in three growth areas: acquisitions, global business initiatives like payments and stablecoin infrastructure and boosting its working capital. The raise is part of OSL’s broader strategy to expand its international presence.
OSL the raise as a “milestone” for the company that signals market recognition of its long-term trajectory and crypto business model.
“This US$300 million equity raise marks a major milestone in our journey and reflects strong conviction in OSL’s digital asset strategy and execution,” said Ivan Wong, the chief financial officer of OSL Group.
OSL plans stablecoin services
OSL operates licensed platforms that offer over-the-counter (OTC) trading, digital asset custody and wealth management tools aimed at tokenized assets.
The company was the first exchange to obtain a license from the Hong Kong Monetary Authority (HKMA), the special administrative region’s central bank. The company said that one of the areas of focus of the newly raised capital will be building payment and stablecoin services.
From Aug. 1, Hong Kong will start allowing licensed companies to issue stablecoins under its forthcoming Stablecoin Ordinance. The region will implement policies for crypto regulation, creating a framework to protect investors and manage risks.
OSL is also expanding its footprint globally. According to the company, it’s expanding infrastructure across Japan, Australia, Europe and Southeast Asia.
Related:
Hong Kong curbs stablecoin “euphoria”
As stablecoins continue to gain traction globally, Hong Kong companies are joining the race, applying for licenses under the HKMA’s new regulatory framework.
On Thursday, Bloomberg reported that at least 50 companies are applying for stablecoin licenses.
However, HKMA Chief Executive Eddie Yue said many projects applying for licenses fall short of the central bank’s requirements. Yue said some firms submitted vague proposals that lacked realistic implementation plans.
Yue said it was “necessary to further rein in the euphoria,” that violating stablecoin promotion rules can land them hefty fines and up to six months of imprisonment.
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