{"id":152723,"date":"2021-01-12T19:31:04","date_gmt":"2021-01-12T16:31:04","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/fidelity-doubles-down-on-hong-kong-crypto-operator\/"},"modified":"2021-01-12T19:31:04","modified_gmt":"2021-01-12T16:31:04","slug":"fidelity-doubles-down-on-hong-kong-crypto-operator","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/fidelity-doubles-down-on-hong-kong-crypto-operator\/","title":{"rendered":"# Fidelity doubles down on Hong Kong crypto operator"},"content":{"rendered":"

“# Fidelity doubles down on Hong Kong crypto operator <\/strong>”
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Fidelity Investments, one of the world\u2019s largest asset managers, has poured more capital into a Hong Kong-based cryptocurrency operator \u2014 offering yet another bullish indicator for the evolution of digital-asset markets worldwide.\u00a0<\/p>\n

An exchange filing obtained by Singapore-based Business Times shows<\/a> that Fidelity acquired a 6.29% stake in BC Technology<\/a> Group after investing $6.71 million in the company. Business Times indicated that Fidelity had increased its exposure to the company, though didn\u2019t specify the initial investment amount.<\/p>\n

The investment was announced shortly after BC Technology Group disclosed that it had reached an agreement to raise HK$697 million ($89.9 million) in a \u201ctop up share placement.\u201d <\/p>\n

BC Technology Group is the operator of OSL, a popular cryptocurrency exchange that recently obtained a coveted license from Hong Kong\u2019s Securities and Futures Commission, or SFC. A BC Group press release dated Dec. 15, 2020\u00a0claims<\/a>\u00a0that OSL is the world\u2019s \u201cfirst SFC-licensed, listed, digital asset wallet-insured, Big-4 audited digital asset trading platform for institutions and professional investors.\u201d<\/p>\n

Fidelity has made a number of 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\u2019s digital-asset unit established an official entity in the United Kingdom to serve institutional investors in Europe. <\/p>\n

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<\/a> Bitcoin (BTC) since 2014.<\/p>\n

Fidelity\u2019s early investments in Bitcoin and Ether (ETH) app<\/a>ear 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, eventually reaching a high of around $1.2 trillion. <\/p>\n