Hong Kong’s BC Technology Group Ltd. is considering selling its cryptocurrency platform OSL, one of only two exchanges licensed under the city’s new digital asset rules, Bloomberg reported.

BC Technology has held talks with potential buyers, including industry players and funds, and a valuation of HK$1 billion (US$128 million) has been discussed.

The sale of OSL would come as the cryptocurrency market is struggling, with Bitcoin down more than 50% from its all-time high in November.

However, Hong Kong is seen as a key market for cryptocurrencies, and OSL is one of the few licensed exchanges in the city.

OSL offers a range of services, including trading, custody, and asset management. It also has a strong institutional focus, with clients including banks, hedge funds, and family offices.

A sale of OSL would be a sign of the growing consolidation in the cryptocurrency industry. In recent months, there have been a number of mergers and acquisitions, as companies look to scale up and strengthen their positions in the market.