NYSE parent company invests in crypto exchange OKX, valuation reaches $25 billion.

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Wall Street's traditional exchange giants are accelerating their penetration into the cryptocurrency market.

According to a report by the Financial Times on Thursday, the Intercontinental Exchange (ICE), parent company of the New York Stock Exchange, has taken a stake in cryptocurrency exchange OKX. This transaction brings OKX's valuation to $25 billion, marking a further deepening of mainstream trading platforms’ positioning in the digital asset sector.

As the core of the deal, ICE will launch US-regulated futures contracts linked to OKX cryptocurrency prices. At the same time, OKX will provide its clients with access to ICE’s US futures and tokenized stock markets. ICE did not disclose the specific shareholding ratio but will gain a board seat at the Seychelles-based crypto exchange.

ICE Chairman and CEO Jeffrey Sprecher explicitly stated that the transaction will help “accelerate our plans to provide on-chain infrastructure and tokenized assets to US investors.”

Following the news, the native cryptocurrency OKB of the OKX ecosystem surged upwards over 50% in a short time and is now quoted at $119.

Betting on Prediction Markets and Tokenized Assets

ICE’s ambitions in the crypto field are not limited to traditional trading platforms. According to reports, this October, the NYSE parent company announced it would invest up to $2 billion in offshore crypto prediction market Polymarket. The platform has recently soared in popularity, with Donald Trump Jr. currently serving as its adviser.

NYSE President Lynn Martin shared her market observations at a conference at Mar-a-Lago last month. The event was hosted by World Liberty Financial, a crypto company backed by the Trump family. She said she had an "epiphany moment" when seeing S&P 500 futures spike due to odds on Polymarket suggesting Donald Trump would win the 2024 election.

Additionally, crypto exchange Kraken and retail broker Robinhood are already offering tokenized stock trading to users in Europe. Industry insiders believe this model is superior to traditional stock trading because investors can buy and sell around the clock, including weekends, bypassing trading time restrictions.

Wall Street Giants’ Crypto Landscape

While ICE is expanding aggressively, its main rival Nasdaq is also making decisive moves. In September, Nasdaq invested $50 million in Gemini, the crypto exchange founded by the Winklevoss twins. The two major U.S. exchange groups are engaged in a fierce joust for position in the crypto market.

Nasdaq’s pace of innovation is also quickening. This week, the exchange sought regulatory approval for binary “yes or no” options contracts on stock indices, a product design that is highly similar to the logic of crypto prediction markets.

From an overall market perspective, OKX is now one of the largest crypto exchanges by trading volume in the world. According to CoinMarketCap data, Binance leads with about 30% spot market share, while U.S.-listed Coinbase’s market capitalization has surpassed $50 billion. Notably, OKX admitted to operating without a license in the U.S. last year and agreed to pay over $500 million in fines.

Risk Warning and DisclaimerThe market carries risks, and investment should be approached cautiously. This article does not constitute personal investment advice and does not take into account the specific investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their particular circumstances. Investments made based on this article are at your own risk. ```