Circle, Ripple and Standard Chartered Back OKX at Flat $25B Valuation

In brief

• OKX has raised fresh capital at a $25 billion valuation, unchanged from its March round.
• Circle, Ripple, Standard Chartered's SC Ventures and hedge fund Qube Research & Technologies took part.
• The exchange's joint venture with ICE is seeking approval to offer tokenized stock in 63 U.S. companies.

Crypto exchange OKX has raised new funding at a $25 billion valuation from a group that spans a stablecoin issuer, a British bank and a London quantitative hedge fund, Bloomberg reported.

Circle Internet Group, Ripple and Standard Chartered's investment arm SC Ventures all took part, alongside Qube Research & Technologies, which is new to the cap table. The exchange declined to say how much it raised.

The round extends one closed in March, when Intercontinental Exchange, the owner of the New York Stock Exchange, put around $200 million into OKX at the same $25 billion mark, a deal framed at the time around tokenized securities. Seven months on, the price has not moved.

The money "focuses on strengthening OKX's long-term market infrastructure," Haider Rafique, the exchange's global managing partner, said in a statement.

London quant firm QRT, a Credit Suisse spinout, already runs a crypto fund holding about $1 billion. Its investment reflects confidence in "the long-term growth of digital assets and 24/7 markets," said Thomas Eaton, a quantitative trading director at the firm.