CryptoSlate
OKX added Circle, Ripple, Qube Research & Technologies and Standard Chartered’s venture arm, SC Ventures, as strategic investors at a $25 billion pre-money valuation. CEO Star Xu confirmed the investment on Oct. 6, extending a March round led by Intercontinental Exchange, which invested about $200 million at the same valuation. OKX did not disclose the latest round’s size.
Why it matters
Xu said OKX chose the investors for strategic fit, not because it needed capital. Their businesses align with the exchange’s ambitions in stablecoins, payments, institutional markets and financial infrastructure. Circle issues USDC, which is integrated across OKX; Ripple’s RLUSD is available on its unified order book; QRT works with OKX on liquidity and new markets. SC Ventures adds a connection to Standard Chartered, which acts as custodian for BlackRock’s BUIDL tokenized Treasury fund used in an OKX institutional collateral framework.
The investor mix therefore adds relationships across stablecoin issuance, institutional liquidity and custody, rather than simply providing fresh funding. Circle and Ripple have pointed to the potential for closer cooperation, while QRT and SC Ventures bring institutional trading and banking links.
Market impact
OKX is also seeking customers beyond crypto trading. Its new OKX Money app lets users in participating markets save, send and spend dollar-backed stablecoins, including USDG, USDC and USDT. The app supports account funding in more than 50 currencies, global transfers and virtual or physical cards. OKX says purchases in another currency carry no foreign-exchange fee or conversion markup.
Eligible users can earn up to 10% annually on qualifying USDG balances and receive up to 10% cashback on eligible card purchases. Rates, features and availability vary by market and eligibility. OKX says roughly 70% of its target Money users have never used a crypto app, and plans to expand the service gradually. The test is whether its infrastructure and investor relationships can help turn stablecoin access into everyday payment use.
Frequently asked questions
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What valuation did OKX receive in its latest strategic investment?
The investment valued OKX at a $25 billion pre-money valuation, unchanged from its March round led by Intercontinental Exchange.
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Which companies joined OKX’s cap table?
Circle, Ripple, Qube Research & Technologies and SC Ventures, the venture arm of Standard Chartered, joined as strategic investors.
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How do the new investors connect to OKX’s business?
Circle issues USDC, Ripple’s RLUSD is available on OKX, QRT works with the exchange on liquidity, and SC Ventures connects OKX to Standard Chartered.
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What can users do with the OKX Money app?
Users in participating markets can save, send and spend USDG, USDC or USDT, fund accounts in more than 50 currencies, and use virtual or physical cards.
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Who is OKX targeting with OKX Money?
OKX says roughly 70% of its target users have never used a crypto app. The company plans to expand the service gradually, with availability and features varying by market.
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