Cryptocurrency exchange OKX has completed a funding round at a $25 billion pre-money valuation with backing from Circle, Ripple, Standard Chartered's venture arm, and trading firm Qube Research. The investment amount was not disclosed. The valuation matches a previous funding round in March led by Intercontinental Exchange, owner of the New York Stock Exchange.
The investor group highlights OKX's strategic positioning within the broader crypto and financial ecosystem. Circle is the issuer of USDC stablecoin, Ripple operates payments infrastructure and issues RLUSD, Standard Chartered custodies assets for BlackRock's tokenized Treasury fund in partnership with OKX, and Qube Research already provides trading services to OKX.
OKX's strategy reflects a shift beyond its core exchange business. According to CEO Star Xu, the company is building a broader financial technology platform where customers can hold, spend, invest, and grow money within a single ecosystem. Rather than developing competing services independently, OKX is investing in partnerships with companies that own critical infrastructure pieces.
Recent developments underscore this direction. A joint venture with Intercontinental Exchange filed to launch round-the-clock trading in tokenized shares of 63 U.S. companies on OKX's blockchain, settled using stablecoins. Simultaneously, OKX launched a consumer app offering 10% yields on dollar stablecoins. The company reported that artificial intelligence now handles approximately 95% of its code development at a monthly cost of $10 million.
The viability of tokenized stocks remains uncertain. Market analysis suggests success depends on attracting sufficient liquidity to maintain reliable pricing during off-hours trading. The temporary nature of current regulatory frameworks has made institutional participants reluctant to integrate their systems with tokenized stock platforms, according to market observers. Early demand is expected primarily from retail investors, as institutions already have access to inexpensive traditional equity trading.
OKX's direction reflects broader industry trends, with major cryptocurrency exchanges pursuing similar strategies to expand beyond core trading functions into comprehensive financial infrastructure offerings.
