OSL Acquires Indonesian Crypto Exchange for $15M
Hong Kong-based OSL Group has announced a major expansion move into Southeast Asia. On Monday, OSL revealed it agreed to acquire a 90% stake in Evergreen Crest, an Indonesian crypto exchange, for $15 million. This acquisition is set to give OSL strategic access to the Indonesian digital asset market. The move is driven by Indonesia's key growth indicators, such as its youthful population and rising crypto adoption rates. OSL will also gain access to local regulatory licenses for crypto trading through Evergreen Crest's subsidiaries. The expansion plan includes offering new services in Indonesia, pending necessary permissions. OSL's global expansion has already seen them acquire and rebrand a Japanese exchange earlier this year. Despite a recent dip, OSL's stock has experienced growth over the past month. Disclaimer: The Block provides independent news on the crypto industry. Foresight Ventures is a majority investor but does not influence the editorial content.
FAQ
❓ Why is OSL expanding to Indonesia?
OSL sees Indonesia as a growing market due to its youthful population and increasing cryptocurrency adoption.
❓ What are OSL's plans in Indonesia?
OSL plans to expand its services, including real-world asset offerings and payment finance, subject to licensing.
❓ How is OSL's stock performing?
OSL's stock fell 3.4% recently but has risen 11.6% over the past month.