OKX Raises Funds at $25 Billion Valuation in Extended Round

OKX, a leading crypto exchange and infrastructure provider, has extended its funding round, achieving a $25 billion pre-money valuation. The round includes investments from notable partners such as ICE, the parent company of the NYSE, as well as Circle, Qube Research & Technologies (QRT), Ripple, and SC Ventures. This extension follows a previous partnership with ICE to enable 24/7 trading of tokenized assets, which will initially feature 60 top securities traded on US exchanges.

The collaboration between OKX and ICE has led to the formation of a 50-50 joint venture named OKXICE. Securities will be issued under the SEC’s new Innovation Exemption, with the ICE investment reported at around $200 million. Each investor brings unique expertise: Circle is the issuer of USDC, QRT provides liquidity and risk capacity, Ripple offers payments and stablecoin infrastructure, and Standard Chartered serves as custodian for BUIDL, a tokenized Treasury fund.

Star Xu, founder and CEO of OKX, emphasized the company’s vision to build a fintech platform that combines crypto technology with the standards of global financial institutions. OKX is evolving into a broader financial technology platform, though details on profitability and revenue specifics remain undisclosed. The exchange is known for its strong derivative products but ranks lower in spot crypto trading.