OSL Group Raises $300 Million for Global Growth

OSL Group, based in Hong Kong, has successfully secured $300 million in equity financing aimed at supporting its global expansion strategies. According to a filing with the Hong Kong Stock Exchange, the company entered into an equity purchase agreement to raise around HK$2,355 million ($300 million). The funds will be primarily used for strategic acquisitions and to develop payment initiatives integrating fiat currencies, stablecoins, and major cryptocurrencies. Ivan Wong, CFO of OSL Group, highlighted that this funding underscores a significant milestone in their journey, reflecting strong confidence in OSL’s digital asset strategy and execution. He stated, 'The funding will accelerate our global buildout—particularly focusing on regulated payment infrastructure and access points.' This funding move arrives as Hong Kong's new stablecoin licensing regime is set to take effect on August 1, requiring issuers of fiat-referenced stablecoins to obtain licensing from the Hong Kong Monetary Authority. Global expansion remains a priority for OSL. Recently, the company announced a $15 million deal to acquire Evergreen Crest, which operates a cryptocurrency exchange in Indonesia. Additionally, in February, OSL completed its acquisition of the Japanese crypto exchange CoinBest, rebranding it as OSL Japan. Despite a 7.4% decline in stock value recently according to Yahoo Finance, OSL’s stock has shown resilience, appreciating 14% over the past month and 104% year-to-date. *Disclaimer: The Block is an independent media outlet delivering news and research. Foresight Ventures holds a majority stake in The Block as of November 2023 and invests in other crypto-related companies. The Block operates independently to provide objective information about the crypto industry.*