QuantCapThe exchange is increasingly aiming to position itself as a global financial tech platform spanning crypto, payments and tokenized assets, following an investment and joint venture with NYSE parent ICE.
OKX draws investment from StanChart, Circle, Ripple as it pushes beyond crypto exchange roots
The exchange is increasingly aiming to position itself as a global financial tech platform spanning crypto, payments and tokenized assets, following an investment and joint venture with NYSE parent ICE.
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.
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.
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 amount invested.
The financing is an extension of a March investment from Intercontinental Exchange (ICE), the owner of the New York Stock Exchange (NYSE). Like 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. The company says its goal is to let customers hold, spend, invest and grow their money from the same platform.
That ambition highlights a broader shift among crypto exchanges. Companies that built their businesses around cryptocurrency trading are increasingly trying to become one-stop financial platforms, expanding into payments, stablecoins, stocks, derivatives and tokenized real-world assets.
Read more: Kraken’s parent Payward is betting billions on becoming financial infrastructure, not just a crypto exchange
OKX's relationship with ICE shows how that expansion is reaching traditional markets. An OKX-ICE joint venture filed this week to introduce tokenized stock trading under a U.S. Securities and Exchange Commission (SEC) framework, pushing the exchange toward a business traditionally dominated by brokerages and securities exchanges.
OKXICE plans to offer 24/7 trading in tokenized shares of 63 U.S. companies using OKX’s X Layer blockchain and stablecoins, including USDC, USDT and USDG. The venue is an early test of the SEC’s new five-year tokenization framework, with shares retaining dividend and voting rights.
Whether that model attracts institutions remains an open question.
In a report on Tuesday, investment banking firm Macquarie said adoption will depend on OKXICE attracting enough companies, investors and liquidity providers to keep prices reliable around the clock. The temporary nature of the SEC exemption could also make institutions reluctant to spend money connecting their systems to the platform before they know whether the rules will last. TD Securities raised similar concerns in a Monday note.
Macquarie expects early adoption to lean toward retail investors because institutions already have efficient access to U.S.-listed stocks and face higher regulatory and technology hurdles. Still, the platform could provide another test of stablecoins as a settlement tool for regulated financial markets rather than just crypto trading.
That overlap between crypto and traditional finance is also reflected in OKX’s choice of new investors. Circle issues USDC, while Ripple provides payments infrastructure and issues the RLUSD stablecoin. Standard Chartered serves as custodian for BlackRock's BUIDL tokenized Treasury fund under a collateral arrangement with OKX and BlackRock. QRT is an institutional counterparty to OKX, providing liquidity and trading capacity.
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The Definitive Stablecoin Landscape Series: Asia Pacific
The Definitive Stablecoin Landscape Series: Asia Pacific
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters:
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
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