OKX’s native token outperforms Bitcoin and Ethereum as exchange announce NYSE deal

Crypto exchange OKX’s native token is the best performing asset over the past day after surging on news that the New York Stock Exchange’s parent company, Intercontinental Exchange, had invested in the digital asset firm.

OKB bolted upwards by 53% to nearly $118 on the news, according to CoinGecko. It’s now trading at close to $108 — a 39% rise over the past 24 hours.

The Ethereum-based token is up nearly 40% over the past week, making it the biggest winner over that timeframe. Bitcoin and Ethereum, by comparison, are up 1.2% and 1.6% respectively over the past 24 hours. They are up just under 7% and 2.5% respectively in the same week.

ICE’s NYSE-listed stock rose on the news too.

In a joint statement Thursday, OKX and ICE announced they were working together on a deal that values the cryptocurrency exchange at $25 billion.

“Our strategic relationship with OKX will expand global retail access to ICE’s pre-eminent regulated markets and accelerate our plans to offer on-chain infrastructure and tokenized assets to US investors,” Jeffrey C. Sprecher, ICE chair and CEO, said in a statement.

OKX CEO and co-founder, Star Xu, added that the deal will help “build a more reliable market structure that bridges digital assets and equities, strengthens cross-market price formation, and meets institutional standards for risk and compliance.”

ICE will get a seat on OKX’s board and will license the exchange’s spot crypto prices, as well as debuting regulated futures contracts.

OKX last year pleaded guilty to violating US money laundering laws. Aux Cayes FinTech Co. Ltd, which operates the exchange, settled with the US Department of Justice by paying over $500 million worth of penalties for serving American customers without a money transmitter license.

ICE last year said it was investing up to $2 billion in crypto-powered prediction market, Polymarket, in a deal to become the platform’s global data distributor.

Mathew Di Salvo is a news correspondent with DL News. Got a tip? Email at [email protected].