OKX raises new capital from Circle, Ripple, QRT and Standard Chartered's SC Ventures at a flat $25B pre-money valuation

OKX has taken new investment from Circle, Ripple, quantitative manager Qube Research & Technologies and SC Ventures, the venture arm of Standard Chartered. The amount was not disclosed. The financing extends the March round in which Intercontinental Exchange invested about $200 million, and keeps the valuation at $25 billion pre-money.

Founded in 2017 and led by founder and CEO Star Xu, OKX is one of the largest crypto exchanges, serving about 120 million retail traders. Xu says the exchange was the starting point and the company is becoming a broader financial technology platform where customers hold, spend, invest and grow money in one place.

The same day OKX launched OKX Money, a standalone app for saving, sending and spending stablecoins, funded in more than 50 currencies with no conversion fees on USDG, USDC and USDT and up to 10% yield on eligible USDG balances. OKXICE, its joint venture with ICE, filed this week to trade tokenised shares of 63 US companies around the clock on its X Layer blockchain, settled in stablecoins.

The read: the cap table now mirrors the strategy, with a stablecoin issuer, a payments network and a custodian bank alongside NYSE's parent.