Standard Chartered · Circle · OKX · New York · U.S. Treasury · CryptoSlate
Ripple and Circle backs OKX as it targets the next wave of stablecoin users
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OKX brought Circle, Ripple and Standard Chartered’s venture arm onto its cap table as the crypto exchange broadens its push into stablecoin-based financial services.
Key facts
- The valuation was unchanged from March, when ICE invested about $200 million
- According to OKX, users in participating markets can fund accounts using more than 50 supported currencies and hold USDG, USDC or USDT
- Eligible customers can also earn up to 10% annually on qualifying USDG balances without staking or lockups, while a loyalty program offers up to 10% cashback on eligible card purchases
- Standard Chartered, meanwhile, acts as custodian for BlackRock’s BUIDL tokenized Treasury fund used in an institutional collateral framework developed with OKX
Summary
01 OKX added Circle, Ripple, QRT and SC Ventures as investors while keeping its valuation at $25 billion. 02 OKX added Circle, Ripple, QRT and SC Ventures as investors while keeping its valuation at $25 billion. 03 OKX now has to prove its new Money app can win mainstream users who have never used crypto. On Oct. 6, the exchange's Chief Executive Officer, Star Xu, confirmed that the company completed a strategic investment from Circle, Qube Research & Technologies, Ripple and SC Ventures by Standard Chartered at a $25 billion pre-money valuation, extending a March round led by Intercontinental Exchange, the owner of the New York Stock Exchange.