Standard Chartered · Circle · OKX · New York · CoinDesk
OKX draws investment from StanChart, Circle, Ripple as it pushes beyond crypto exchange roots
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Crypto exchange OKX has secured fresh investment as it looks to transform itself from a venue for trading digital assets into a broader global financial technology platform spanning crypto, payments and traditional assets moving onto blockchain rails.
Key facts
- The new investors are Circle, Ripple, quantitative investment manager Qube Research & Technologies (QRT) and SC Ventures, the venture arm of Standard Chartered
- The financing is an extension of a March investment from Intercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE)
- The exchange was our starting point, and we are evolving into a broader global financial technology platform,” OKX founder and CEO Star Xu said
- Crypto exchange OKX has secured fresh investment as it looks to transform itself from a venue for trading digital assets into a broader global financial technology platform spanning crypto, payments
Summary
OKX 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 trading. The funding comes as OKX and NYSE owner ICE plan a 24/7 market for tokenized U.S. stocks, using stablecoins for trading and settlement. Macquarie expects early demand for the tokenized-stock platform to skew toward retail investors, with regulatory uncertainty and integration costs posing hurdles for institutions. The new investors are Circle, Ripple, quantitative investment manager Qube Research & Technologies (QRT) and SC Ventures, the venture arm of Standard Chartered.