The cryptocurrency exchange OKX has secured a new round of funding, reaching a pre-money valuation of $25 billion. The investment round included participation from major industry players, specifically Circle, Ripple, and SC Ventures, which is the investment arm of the British bank Standard Chartered.
According to the company, these funds are intended to support the development of onchain markets and the tokenization of real-world assets. CEO and founder Star Xu stated that the firm is transitioning from a standalone exchange into a comprehensive global financial technology platform.
Earlier this year, the Intercontinental Exchange also invested in OKX. The two companies have established a joint venture called OKXICE, which recently filed with the U.S. Securities and Exchange Commission to launch a platform for the 24/7 trading of tokenized U.S. stocks.
