Ripple and Circle backs OKX as it targets the next wave of stablecoin users

OKX brought Circle, Ripple and Standard Chartered’s venture arm onto its cap table as the crypto exchange broadens its push into stablecoin-based financial services.On Oct. 6, the exchange's Chief Executive Officer, Star Xu, confirmed that the company completed a strategic investment from Circle, Qube Research & Technologies, Ripple and SC Ventures by Standard Chartered at a $25 billion pre-money valuation, extending a March round led by Intercontinental Exchange, the owner of the New York Stock Exchange. OKX did not disclose how much it raised in the latest transaction.The valuation was unchanged from March, when ICE invested about $200 million. The new round instead adds shareholders whose businesses overlap with OKX’s expansion into stablecoins, payments, institutional liquidity and tokenized assets.Xu said the exchange chose the new investors for their strategic fit rather than because it needed additional financing, pointing to its longer-term ambitions across payments and financial infrastructure.He stated:“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, ...