CONNECT WITH US
Web3 & Blockchain

Web3 & Blockchain

OKX draws investment from StanChart, Circle, Ripple as it pushes beyond crypto exchange roots

CoinDesk logo

Published on

Add as a preferred source on Google
OKX draws investment from StanChart, Circle, Ripple as it pushes beyond crypto exchange roots

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.

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.

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.


Source link
Related Topics:Web3 & Blockchain

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We TheMorningPulse.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It's possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.