Circle, Ripple and Hedge Fund QRT Back Crypto Exchange OKX at $25 Billion Valuation
By Unchained
AI summary of the source article
Crypto exchange OKX has secured fresh backing from Circle, Ripple, Standard Chartered's SC Ventures, and quantitative hedge fund Qube Research & Technologies at a $25 billion valuation, Bloomberg reported. The investment builds upon an earlier round this year that included NYSE parent Intercontinental Exchange, which took a board seat. The new funding comes as OKX and ICE prepare to roll out 24/7 trading for 63 tokenized U.S. equities under an SEC innovation exemption via their joint venture, OKXICE. The tokens will trade against three stablecoins, including Circle's USDC, while OKX aims to strengthen its market infrastructure for digital assets.
Why it matters
The funding bolsters OKX's institutional infrastructure as it collaborates with ICE to launch 24/7 trading for tokenized U.S. stocks under an SEC innovation exemption.
Key facts
- Circle, Ripple, SC Ventures, and QRT invested in crypto exchange OKX at a $25 billion valuation.
- OKX and ICE plan to trade 63 tokenized U.S. equities around the clock through their joint venture, OKXICE.
- The equity tokens will trade against three stablecoins, including Circle's USDC, under a five-year SEC innovation exemption.