The crypto trading world is pretty rewarding as an institution-based platform reports a profit increase of 737% as compared to 2019.
BC group, which is listed under the Hong Kong Stock Exchange, revealed its massive returns on March 31, citing its OSL digital assets platform as the primary earner in 2019 as it accounts for up to 44% of the total revenue.
Among the services offered by the platform are institution services such as institutional crypto exchange, over the counter brokerage, custodial services, and Software-as-a-service tools.
In 2019, the trading platform recorded a revenue of $10 million, which is 737% more as compared to the previous year.
The rise in revenue obliged OSL to apply for a license to be allowed to run regulated activities as required by the regulatory framework of the Hong Kong Securities and Futures Commission. The license application was submitted in November 2019.
The license is essential not only to the BC group but the Hong Kong market in general as it will promote the participation of institutions in digital asset trading. The digital asset securities market is forecasted to grow by up to 5000% in four years.
As a strategy, the BC group is working on its management and branding well its products and services. Because of that, the group opened an OSL office in Singapore mid-2019. It is also working on strengthening is SaaS sales proceeds to the leading institutions. It has also placed $36 million beginning of the year for expanding its operations.
Currently, the market is in panic because of the pandemic. The group, however, does not believe that it will affect its operations, and transition of the market to focus on digital assets.
As in February, a report done by Cointelegraph indicates that Fidelity International bought shares of 17 million giving it 5.6% ownership.
Many firms are focusing on institutional crypto platforms. The latest development is by Apifiny, which is an API platform, to make it seamless for institutions to trade on markets of their choice simultaneously. Institutional traders will be able to access different exchanges in just one platform, and that will make it easier for institutional traders to place a trade.
The trend of traditional exchanges is slowly changing and transitioning to more efficient systems. Despite the pandemic, the changes will still be there, and that will be the main gamechanger.
Image from Flickr.com
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