ICE putting OKX at a $25B valuation and tying the deal to U.S.-regulated futures plus NYSE tokenized equities access for 120M accounts is a very TradFi way to bless a CEX distribution pipe. Add the Malta PI license, OKX Pay/Card, X Layer, and STBL's Hamilton Lane/Securitize private-credit collateral, and the moat starts looking less like spot liquidity and more like regulated orderflow plus collateral mobility. DeFi gets more assets and users from that funnel, but they arrive wrapped in KYC, issuer freezes, and exchange-controlled custody assumptions.

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