Dear investors,
September has brought summer to a close and with it a month of news and updates on BC Group and OSL digital assets.
on September 8th, OSL and AlgoTrader, a leading technology provider for trading digital assets, announced a new partnership for institutional and professional investors. As part of the partnership, eligible AlgoTrader clients will have direct access to OSL’s Digital Asset Exchange, deep liquidity pools and an aggregated global order book.
The much-anticipated Ethereum merge, a shift from the “Proof-of-Work” blockchain consensus mechanism to the more energy-efficient “Proof-of-Stake” took place on September 15th. Many hailed the event as a “new era” for Ethereum, but the market disagreed, appearing to have priced in the benefits of the merger in the weeks prior. At the end of the month, a number of experts called Merge a Sell the News event, with the ETH token down more than 25% in the last ten days of September. An overview of the Ethereum merge can be found here here.
Trading volume for previous months for OSL1 can be viewed below:
Total OSL trading volume continued its upward trend, with September being the second consecutive month of over $5 billion in volume. as global fiat exchanges posted a fifth consecutive month decline in total volume.
On September 22, the US Federal Reserve caused another stir in the markets when its FOMC hiked rates by 75 basis points, signaling how serious inflationary pressures have become in the United States. This sent stocks sharply lower and had an impact the crypto market, specifically BTC, falling to around $19,000where it stayed for most of the rest of the month.
In England, The “mini” budget presented by the new Conservative Prime Minister Liz Truss and her Chancellor Kwasi Kwarteng sent shock waves through the world marketduring the last
1The platform total volume data is an estimated grand total of all trading activities on the OSL platforms in the specified period. This data is unaudited and based on various assumptions and methods, which are subject to change and may be subject to subsequent adjustments and corrections, which we may publish later. Source: TheBlockCrypto, as of October 1, 2022
BC group
39/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong Tel: 3504 3200 | Email: [email protected]
week in September when it failed to financially justify proposed tax cuts, forcing the Bank of England to aggressively buy bonds while pension funds sold gilts on fears of a systemic liquidity crisis.
business updates
Also in September, BC Group released its 2022 interim report, which can be viewed here.
“The group will continue to focus on the institutional onboarding of large financial companies in the immediate future and will continue to develop its offerings to meet the needs of this customer segment with its range of products and services. …The offers in the [OSL] The institutional toolkit helps build highly enduring relationships as clients rely on OSL’s differentiated value-added services once onboarded.
With OSL’s Digital Asset Markets offering, as well as its unique SaaS core digital asset product platform, the group is confident that the company will continue to scale as the digital asset sector becomes further integrated into the global financial services ecosystem. As a result, OSL will address a much larger addressable market with its core digital asset product platform and, over time, through strategic distribution partnerships.”
Excerpt from BC Group CEO Hugh Madden’s CEO letter in Interim Report 2022
BC Group’s interim results press release is available hereand the infographic summary of the results can be viewed here.
In the news
OSL executives and BC Group senior management made appearances at prominent media and market events in September:
I shared my thoughts on a panel entitled ‘Has Confidence Been Shaken? The latest trends in digital assets” on the AIMA APAC Annual Forum 2022on 6.9
I also joined GameOn! 2022at a panel titled “Putting Your Digital Assets to Work: A Primer for Retail and Institutional Investors” on September 9
BC Group Vice Chairman Ken Lo spoke and shared his insights on regulatory changes in Hong Kong at a discussion forum in ACCA Hong Kong Annual Conference 2022on 09/17
OSL was the platinum sponsor of the Australian Crypto Conventionwhich took place on September 17th on the Gold Coast. Mark Hiriart, OSL Head of Business Development Australia, took part in a panel at the event entitled “Institutional Adoption of Digital Assets”.
BC group
39/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong Tel: 3504 3200 | Email: [email protected]
On 09/20 OSL was mentioned in an article by Ledger Insightson the support the digital asset ecosystem and STOs are receiving from Hong Kong regulators
Also on 20.09. OSL was mentioned in a DigFin article on the same topic
Head of Investor Relations at BC Group William Wang was the subject of an article in Investor Relations Magazineon 09/27
OSL CEO Wayne Trench shared his thoughts in a webinar The Digital Asset Ecosystem in Hong Kong hosted by AustChamInnovation & Tech Committee on September 29th
Additional market developments for digital assets
Earlier this month, Singapore’s largest bank, DBS announced in an interview in the FT that it would “double down” on its digital assets despite this so calledprolonged “crypto winter”,with the stated intention to expand digital asset exchanges and offer services to around 300,000 customers across Asia. BC Group is the technology service provider for DBS’ digital asset exchange. The Singapore-based bank too announced earlier this month that it would be making its first foray into the Metaversewith a sandbox project.
The Lion City made additional headlines Whampoa Group’s announcement of approximately $100 million to invest in digital assets through a venture capital fund. The global crypto conference Token2049 was also held in Singapore on September 28-29, where Industry leaders struck optimistic tonesdespite the recent market turmoil.
In the United States by President Joe Biden The White House on Sept. 9 said it wants federal and state agencies to make mining for bitcoin and other cryptos greener, and that these digital assets should be banned if they cannot be more climate friendly. On 09/29 CFTC Chairman Rostin Behnam said additional regulatory clarity is in place in the USwould cause crypto companies to “blossom” and could be a catalyst for Bitcoin to “double in price.”
Following the US Treasury Department’s sanctions on Tornado Cash’s smart contracts last month, the US-based crypto exchange Coinbase announced in September that it was funding a six-person lawsuit against the Treasury Departmentwhich states, “The sanctions go beyond the Treasury Department’s powers…removing privacy and security options for crypto users and stifling innovation.”
Meanwhile, US financial services giants Charles Scwab, Citadel and Fidelity Digital announced that they would launch a digital asset exchange called EDX Markets. Paradigm, Sequoia Capital and Virtu Financial are also part of the consortium, with additional market participants expected to work with EDXM over time, according to the announcement.
It was unbeatable The Block reported earlier this month that Nasdaq is preparing to launch its own institutional crypto custody service. The move is consistent with its broader stated mission of being a service provider in the crypto space rather than a trade facilitator.
BC group
39/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong Tel: 3504 3200 | Email: [email protected]
Japanese bank Nomura, which previously created Komainu’s digital asset custodial service, announced on September 21 that it had formed a crypto VC unit called Laser Venture Capital, which will invest in startup categories like DeFi and blockchain infrastructure.
In Hong Kong on September 23 the The SAR government did that long hoped forAnnouncement to end more than two years of hotel quarantine requirements for inbound travelers, a move that can be seen as the first step towards market recovery and further strengthening the burgeoning digital asset market.
As always, the BC Technology Group and OSL team are available to discuss September’s updates or answer any questions.
Thank you again for your continued support.
sincerely,
David Chapman
Managing Director
BC Group (863 HK)
BC group
39/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong Tel: 3504 3200 | Email: [email protected]
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