Circle, Qube Research & Technologies (QRT), Ripple and SC Ventures by Standard Chartered have invested in crypto exchange OKX at a $25 billion pre-money valuation. The deal extends a round led by NYSE owner Intercontinental Exchange (ICE) in March. The amount raised was not disclosed.

Each investor already has a business relationship with OKX. Circle issues the USDC stablecoin, QRT is a major trading counterparty and Standard Chartered holds client collateral in custody. Ripple is the newest arrival, with its RLUSD stablecoin listed in April.

Star Xu, OKX’s founder and CEO, said the round provides capital “to keep growing and to tokenize real-world assets”. The exchange…