Ripple Backs OKX

Ripple has joined Circle, Qube Research & Technologies and Standard Chartered’s SC Ventures in backing crypto exchange OKX at a $25 billion valuation.

Ripple, a blockchain firm, has continued its string of investments in the crypto space, becoming part of the consortium of big names investing in crypto exchange OKX.

OKX revealed on Tuesday that the firm had secured investments from Ripple, stablecoin behemoth Circle, quant investment firm Qube Research and Technologies (QRT), and SC Ventures, the VC arm of Standard Chartered. It did this at a valuation of $25 billion (pre-money). Details on the latest investment in the exchange are, however, not disclosed.

The exchange’s new round of investment is an extension of its previous funding round. This previous round was led by Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. In March, ICE had invested about $200 million in OKX. The valuation then was $25 billion.

OKX CEO and founder Star Xu revealed that the company did not look for new investors due to a shortage of funds. The company had sought strategic investors aligned with its vision in stablecoins, payments, institutional markets, and financial infrastructure.

OKX is trying to move beyond being a crypto exchange and become a financial technology platform. This platform links crypto markets to traditional finance.

Ripple’s investment in OKX is the latest in a string of strategic investments the firm has been making in its bid to expand into the institutional financial market and tokenization.

In August, for instance, the firm announced an investment in two firms: ZILO and Licuido. These firms are focused on digital capital market infrastructure.