Crypto platform OSL Group, headquartered in Hong Kong, announced, according to Reuters, that it has acquired Banxa, a Canadian crypto firm. This acquisition has resulted in a notable 10% increase in OSL’s stock price. The deal marks a significant step in OSL’s global expansion, capitalizing on the booming interest in digital assets.
OSL Acquires Banxa
According to Google Finance, OSL Group’s shares (HKG: 0863) surged 10% on Monday, hitting their highest level in nearly four years following the acquisition of Banxa. The deal, valued at approximately $62.30 million, offers Banxa shareholders an 80.2% premium over the 30-day average trading price. Banxa, a leading infrastructure provider listed on the Toronto Stock Exchange, operates across Europe, North America, and Australia.
The firm specializes in enabling businesses to integrate virtual assets into their platforms, offering services like crypto payment gateways and exchange solutions. The Hong Kong-based firm’s finance chief, Ivan Wong, told Reuters the acquisition will accelerate the company’s global reach, strengthening its enterprise-level crypto payment infrastructure.
“We will continue global expansion through both acquisitions and license applications,” Wong told Reuters today.
More Crypto Expansions
OSL seems not to be confined to just acquisitions. The company aims to issue stablecoins—cryptocurrencies pegged to stable assets, such as fiat currencies—to enhance its role in cross-border payments. Wong emphasized that stablecoins are crucial for OSL’s vision of becoming a major player in global digital finance. By issuing stablecoins, OSL aims to provide secure, regulated digital payment solutions, thereby increasing trust and adoption among both institutional and retail clients.
Additionally, OSL is set to close a $15 million acquisition of a 90% stake in Evergreen Crest, an Indonesian crypto exchange, next month. This deal will grant it regulatory licenses for crypto spot and derivatives trading in Indonesia, reaching young traders and the country’s growing crypto community. The crypto platform also plans to expand into real-world assets and payment finance, further spreading its portfolio.
Meanwhile, acquiring other companies for growth has recently become a global trend. For example, American financial services firm Robinhood acquired Bitstamp, a major crypto exchange, for $200 million. The deal helps Robinhood secure 50 additional licenses to command a global presence, covering the UK, Europe, and Asia.
Similarly, Stripe, the $1.4 trillion payments powerhouse, also recently completed its acquisition of Privy, a crypto wallet infrastructure startup, in a move that highlights its deepening commitment to crypto integration.
