CoinDesk
OKX secured new investment from Circle, Ripple, Qube Research & Technologies and Standard Chartered’s SC Ventures at a $25 billion pre-money valuation. The amount invested was not disclosed. The financing extends an earlier investment from Intercontinental Exchange, the parent of the New York Stock Exchange, as OKX broadens its business beyond crypto trading.
Why it matters
The investment links OKX with firms spanning stablecoins, payments, traditional finance and institutional trading. It also comes as OKX and ICE plan a 24/7 market for tokenized U.S. stocks, using stablecoins for trading and settlement. The proposed platform would offer shares in 63 U.S. companies through OKX’s X Layer blockchain, with dividend and voting rights retained.
The venture is an early test of tokenized stocks under a five-year SEC framework. Macquarie expects early demand to skew toward retail investors: institutions already have efficient access to U.S.-listed shares and may hesitate to take on integration costs while the regulatory exemption remains temporary. TD Securities raised similar concerns.
Market impact
The platform’s prospects depend on attracting enough companies, investors and liquidity providers to support reliable prices around the clock. If it gains traction, it could offer a regulated-market use case for stablecoin settlement beyond crypto trading. For now, institutional participation remains uncertain, with regulation and the cost of connecting existing systems among the hurdles.
The investor lineup reflects those ambitions. Circle issues USDC, while Ripple provides payments infrastructure and issues RLUSD. Standard Chartered serves as custodian for BlackRock’s BUIDL tokenized Treasury fund under a collateral arrangement involving OKX and BlackRock. QRT provides OKX with liquidity and trading capacity.
Frequently asked questions
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How much did the new investors put into OKX?
OKX did not disclose the investment amount. The financing values the company at $25 billion pre-money.
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What would the OKX-ICE tokenized stock market offer?
The planned market would offer 24/7 trading in tokenized shares of 63 U.S. companies, using stablecoins for trading and settlement. Shares would retain dividend and voting rights.
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Why might institutions be slower to use the platform?
Institutions already have efficient access to U.S.-listed stocks. Macquarie also cited integration costs and uncertainty around the temporary SEC framework as potential barriers.
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What could determine whether tokenized stock prices remain reliable?
Macquarie said the platform would need enough companies, investors and liquidity providers to support reliable prices around the clock.
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What roles do Circle and Ripple have in the investment?
Circle issues USDC. Ripple provides payments infrastructure and issues RLUSD, connecting the investor group to stablecoins and financial services.
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