Hedge fund QRT joins Ripple, Circle, and SC Ventures in OKX’s $25B extension round
The financing is an extension of its March round, when Intercontinental Exchange invested $200 million at the same valuation.
Crypto exchange OKX has secured fresh funding at a $25 billion valuation from Qube Research & Technologies (QRT), a global quantitative hedge-fund manager, alongside existing investors Circle, Ripple and Standard Chartered’s SC Ventures, Bloomberg reported Tuesday.
OKB, OKX’s native token, rose about 6% to $138 on news of the extension, CoinGecko data shows. The round maintains the $25 billion valuation set in March, when NYSE parent company Intercontinental Exchange invested $200 million in the platform.
OKX said the latest capital will support efforts to strengthen its market infrastructure, without providing details on the amount raised.
“We didn’t raise capital because we needed it. We chose to bring in strategic partners who share our long-term vision for stablecoins, payments, institutional markets, and the next generation of financial infrastructure,” OKX CEO Star Xu commented on the news.
The funding comes as traditional financial firms are increasingly working with crypto platforms on new market infrastructure.
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Following ICE’s investment in OKX, the companies developed OKXICE LLC, a joint venture focused on tokenized stock trading. OKXICE said it is seeking approval to offer tokenized stocks representing 63 US public companies, including NVIDIA, Apple and Tesla, under the SEC’s five-year innovation exemption. The exemption allows tokenized stocks to trade in the US if they provide rights equivalent to those of traditional shares.