Circle, Ripple and Hedge Fund QRT Back Crypto Exchange OKX at $25 Billion Valuation

OKX Secures $25 B Valuation with Backing from Circle, Ripple, Standard Chartered and QRT

In a move that underscores the growing institutional appetite for crypto infrastructure, the global exchange OKX has raised a new round that values the company at $25 billion. The funding comes from a mix of stable‑coin issuer Circle, cross‑border payments firm Ripple, Standard Chartered’s investment arm SC Ventures, and London‑based hedge fund Qube Research & Technologies (QRT). The round builds on an earlier investment from Intercontinental Exchange (ICE), the parent of the New York Stock Exchange, which also placed the exchange at the same valuation.

Why the $25 B Valuation Matters

A $25 billion valuation places OKX among the top tier of crypto exchanges, matching the size of industry giants like Binance and Coinbase. It also signals confidence that the exchange’s strategy—particularly its push into tokenized U.S. equities—will resonate with both retail and institutional investors. The valuation is a key milestone as OKX and ICE prepare to launch OKXICE, a 50‑50 joint venture that will offer tokenized stocks such as Tesla, Microsoft, and JPMorgan under the SEC’s innovation exemption.

The Investor Mix

• Circle: The stable‑coin issuer brings not only capital but also a strategic partnership, as Circle’s USDC is one of the three stablecoins that will back the tokenized stock trades.
• Ripple: Known for its cross‑border payment network, Ripple’s involvement signals a broader push to integrate crypto with traditional finance.
• SC Ventures: Standard Chartered’s investment arm adds a banking‑sector perspective, reinforcing OKX’s credibility with institutional clients.
• QRT: The London‑based hedge fund, which runs the Moebius crypto fund and has a history of algorithmic trading investments, underscores confidence in OKX’s long‑term growth and market infrastructure.

The round also includes existing OKX partners, and the exchange has named Standard Chartered a third‑party custodian for its institutional business. QRT’s investment, reportedly around $200 million, reflects its belief in the continued expansion of 24/7 digital asset markets.

Tokenized Stocks on the Horizon

OKXICE’s upcoming launch will allow around‑the‑clock trading of tokenized U.S. equities against stablecoins. The SEC’s innovation exemption, granted on September 17, gives the joint venture a five‑year window to operate. While a launch date has not yet been announced, the notice dated October 4 lists 63 stock tokens, including high‑profile names such as Tesla and Microsoft.

The partnership with ICE is strategic: ICE will receive a seat on OKX’s board, ensuring that regulatory and market‑making expertise flows both ways. This collaboration positions OKX to become a primary conduit for institutional investors seeking exposure to tokenized securities.

Looking Ahead

The infusion of capital and the tokenized‑stock initiative represent a dual‑pronged approach: strengthen OKX’s infrastructure while expanding its product suite into regulated asset classes. For investors, the move signals that crypto exchanges are increasingly aligning with traditional financial systems, potentially easing the path for broader adoption.

As the market watches the launch of OKXICE, the $25 billion valuation will likely serve as a benchmark for future funding rounds in the crypto exchange space. The next few months will be critical to see whether OKX can deliver on its promise of seamless, regulated tokenized trading.

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TL;DR: OKX raised a $25 billion valuation round backed by Circle, Ripple, Standard Chartered’s SC Ventures, and QRT, bolstering its infrastructure as it prepares to launch tokenized U.S. stocks with ICE through the OKXICE joint venture.