Crypto exchange OKX has secured strategic investment from Circle, QRT, Ripple and SC Ventures at a $25 billion valuation.
The investment is an extension of the round led by Nyse-parent Intercontinental Exchange earlier this year. The amount raised was not disclosed. The round also deepens OKX’s relationships with four partners: USDC issuer Circle; investment manager and institutional counterparty to OKX QRT; RLUSD issuer Ripple; and Standard Chartered, which serves as custodian for BUIDL, the tokenised Treasury fund at the centre of the collateral framework launched in partnership with OKX and BlackRock.
Last week, an OKX-ICE joint venture filed with regulators to introduce tokenised stock trading.
Star Xu, CEO, OKX, says: “We want to build the financial technology platform for the next generation, one that combines crypto technology with the standards people expect from global financial institutions. That is the foundation for this round. It gives us the capital to keep growing and to tokenize real-world assets, and Circle, QRT, Ripple and Standard Chartered are investing alongside us. The exchange was our starting point, and we are evolving into a broader global financial technology platform.”
Meanwhile, the exchange has launched a standalone app that lets people save, send and spend digital dollars. Customers can earn on eligible balances, spend globally with zero FX fees, and receive cashback on qualifying purchases.