OSL Joins Stablecoin Wave With Equity Raise
Hong Kong-headquartered OSL has completed an equity financing deal to support its stablecoin ambitions – a move that many in the city are making to prepare for a new bill that comes into effect next week.
OSL has completed nearly HK$2.4 billion ($300 million) of equity financing, according to a statement. The new capital will be allocated to three core areas: strategic acquisition initiatives, new business initiatives in areas such as payments and stablecoins, and further strengthening of working capital.
According to OSL, this is the largest publicly disclosed equity raise in Asia's digital asset sector to date.
«The funding will accelerate our global buildout – particularly in regulated payment infrastructure and access points,» commented chief financial officer Ivan Wong.
OSL joins the wave of companies looking to capitalize on stablecoin opportunities in Hong Kong as a new bill comes into effect next week on August 1. The Hong Kong Monetary Authority has warned against «excessive exuberance» as only a handful of issuer licenses will be granted.
