OKX Secures Investment From Circle, Ripple and SC Ventures
OKX has secured new investment from Circle, Ripple, QRT and Standard Chartered’s SC Ventures at a $25 billion pre-money valuation as it expands beyond crypto exchange roots.
Crypto exchange OKX has secured fresh investment as it looks to transform itself from a venue for digital asset trading into a broader global financial technology platform spanning crypto, payments and traditional assets moving onto blockchain rails, according to CoinDesk.
The new investors are Circle, Ripple, quantitative investment manager Qube Research & Technologies (QRT) and SC Ventures, the venture arm of Standard Chartered. OKX did not disclose the exact amount invested in this latest round.
Instant Telegram notifications for large on-chain moves.
Expansion Beyond Crypto Trading
This financing serves as an extension of a March investment from Intercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE). Similar to the earlier deal, the latest investment values OKX at $25 billion on a pre-money basis.
"The exchange was our starting point, and we are evolving into a broader global financial technology platform," OKX founder and CEO Star Xu said, noting the company aims to let customers hold, spend, invest and grow money from a single platform.
Tokenized Stock Venture
The funding arrives as OKX and NYSE owner ICE plan a 24/7 market for tokenized U.S. stocks, using stablecoins for trading and settlement. The OKX-ICE joint venture filed to introduce tokenized stock trading under a U.S. Securities and Exchange Commission (SEC) framework, planning to offer 24/7 trading in tokenized shares of 63 U.S. companies using OKX’s X Layer blockchain and stablecoins like USDC, USDT and USDG.
Investment banking firm Macquarie expects early demand for the tokenized-stock platform to skew toward retail investors, noting that regulatory uncertainty and integration costs pose hurdles for institutions.
Key facts
- OKX secured new investments from Circle, Ripple, QRT, and Standard Chartered’s SC Ventures.
- The investment values OKX at $25 billion on a pre-money basis, matching its March valuation alongside NYSE owner ICE.
- OKX and ICE plan to offer 24/7 trading in tokenized shares of 63 U.S. companies using the X Layer blockchain.
- Circle issues USDC, Ripple provides payments infrastructure and issues the RLUSD stablecoin, and Standard Chartered serves as a custodian.
Source: coindesk.com
This article is for information only and is not investment advice. BullishMarketCap news is produced with AI assistance from public sources and reviewed by our editors; see our editorial policy. Spotted an error? Tell us.
