It has taken a $70 million stake in fintech firm BC Group, the parent company of regulated crypto exchange OSL, in yet another signal from the Singapore sovereign wealth fund that digital assets are here to stay.

The investment was made via a new stock top-up placement of 31,952,500 shares at a price of HK$17 per share, representing 8.25 percent of the issued share capital, according to a Friday announcement on the Hong Kong Stock Exchange.

BC Group will intends to use the net proceeds from the placing for operating working capital, to fund its digital transformation and enhance the platform technology of digital asset platform business, and as reserves for future expansion in markets including U.K., Singapore and the U.S., the announcement said.

Major Milestone

«It is a massive win for digital assets adoption in Asia Pacific, particularly the growing digital asset hubs of Hong Kong and Singapore,» BC Group CEO Hugh Madden said in comments to finews.asia.

«BC Group is well positioned with its OSL platform to continue to drive the adoption of the digital asset class in the financial services industry,» Madden added.

Last week, BC Technology Group and OSL entered into a joint venture with Standard Chartered Bank's SC Ventures to establish a digital asset brokerage and exchange platform for institutional and corporate clients in the U.K. and Europe. OSL is also providing technology to DBS bank, which recently announced its entrance into the digital asset space

Growing Tide

GIC has been part of the growing tide of stalwart investors participating in this sector. It previously participated in Coinbase's $300 million Series E fundraise in 2018, and earlier this year led the $80 million Series C funding round for U.S. based digital asset bank Anchorage. 

Established in 1981 to manage Singapore’s foreign reserves, GIC invests globally in equities, fixed income, private equity, infrastructure and real estate among others. It is ranked ninth among the world's top sovereign wealth funds, with an estimated $550 billion assets under management, according to consulting firm Global SWF.