Intercontinental Exchange, the parent company of the New York Stock Exchange, has made a strategic investment in crypto exchange OKX, valuing the platform at $25 billion, marking one of the most significant partnerships between a global exchange operator and a crypto trading firm.
The investment, announced Thursday, forms part of a broader collaboration between Intercontinental Exchange (ICE) and OKX aimed at connecting traditional financial markets with blockchain-based infrastructure.
Financial terms of the deal were not disclosed, though ICE will take a seat on OKX’s board as part of the arrangement.
The partnership reflects a growing effort by established market operators to adapt to a financial landscape shaped by digital assets and tokenization. ICE, which operates derivatives markets and clearing houses alongside the NYSE, plans to integrate elements of OKX’s crypto market infrastructure into its own offerings.
One component of the agreement will see ICE license spot cryptocurrency price data from OKX. The exchange operator intends to use that data to develop U.S.-regulated crypto futures products, giving institutional investors access to digital asset exposure through established regulatory frameworks.
TradFi entering crypto-native environments
At the same time, the collaboration could extend the reach of ICE’s traditional markets into crypto-native trading environments. Subject to regulatory approval, OKX plans to provide its global user base access to tokenized equities and derivatives tied to markets operated by ICE, including securities listed on the New York Stock Exchange.
Tokenization refers to the process of representing traditional financial assets on blockchain networks. Advocates argue that blockchain-based securities can improve settlement speed, expand access to global investors and lower operational costs tied to clearing and recordkeeping.
ICE Chairman and Chief Executive Officer Jeffrey C. Sprecher said the relationship aligns with the company’s long-term effort to build blockchain-based infrastructure across trading, settlement and custody functions.
“Star has created a highly successful company with enormous distribution,” Sprecher said in a statement, referring to OKX founder and CEO Star Xu. “Connecting ICE and NYSE markets to OKX’s customer base opens the door to a new stage of financial market integration.”
OKX, which says it serves more than 120 million users worldwide, has built trading and custody infrastructure across centralized exchanges and on-chain applications. The company operates in multiple jurisdictions, including the United States, Europe, Singapore, the United Arab Emirates and Australia.
For OKX, the investment comes as the firm attempts to deepen its presence in the U.S. and reposition itself as a regulated global market operator rather than an offshore crypto exchange.
The collaboration also highlights a broader trend in which traditional financial institutions form partnerships with crypto firms rather than compete with them. Many large market operators are studying tokenized securities, which could reshape how equities and derivatives are issued, traded and settled.
ICE has explored several initiatives tied to blockchain-based markets. Earlier this year the company said it was building infrastructure designed to support tokenized assets and on-chain settlement for capital markets.
The new relationship with OKX is expected to complement those efforts.
