GIC, the sovereign wealth fund that manages Singapore’s currency reserves, has invested HK $ 543.19 million (or $ 70 million) in Hong Kong-listed BC Group, the parent company of the regulated crypto exchange OSL.

The investment was made through a new share increase, in which the BC Group issued 31,952,500 shares at a price of HK $ 17 per share to GIC, as the BC Group published on Friday on the Hong Kong Stock Exchange.

BC Group said the proceeds will be used to cover technology and capital costs to develop and improve its Digital Asset Platform business. A portion of the proceeds from the increase will also be kept as a reserve “for future expansion in markets such as the UK, Singapore and America,” the exchange said in the statement.

“This investment marks an important milestone in our business and validates our market strategy,” said Hugh Madden, CEO of BC Group, in a statement told The Block. “It’s also a massive win for digital asset rollouts in the Asia-Pacific region, particularly in the growing digital asset hubs in Hong Kong and Singapore.”

This isn’t GIC’s first known investment in the cryptocurrency space. In 2019, it was reported that GIC participated in Coinbase’s $ 300 million Series E fundraiser in 2018.

In January, the BC Group raised $ 90 million in the form of a share increase. Previously, the company also raised $ 20 million from Fidelity International through two phases of equity placement.

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