The investment of Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, in OKX is still worth discussing. 1. The Intercontinental Exchange (ICE) operates approximately 13 global exchanges (including multiple registered stock exchanges under the NYSE Group), covering major financial centers worldwide and supporting price discovery, listing, trading, and clearing of diversified asset classes. The exchanges under ICE are mainly divided into two categories: futures/derivatives exchanges (under the ICE brand) and stock/equity exchanges (mainly through the NYSE Group). From this perspective, ICE is not just an exchange operator, but also a core provider of global financial infrastructure. Close relationships with regulatory authorities in the United States and major global financial centers. 2. This investment is valued at 25 billion US dollars, and it has to be said that this valuation is cost-effective. OKX's annual profit is several billion US dollars, and it seems that this valuation may be less than ten times that of PE. At the end of last year, ICE invested $2 billion in Polymarket at a valuation of $8 billion, but Polymarket's revenue and profit were more than ten times lower than OKX, and of course, the growth rate may be faster. 3. For OKX, it is an important milestone in the OKX compliance process. This should be the first time that the most mainstream and core financial institutions in Europe and America have invested in an exchange founded by Chinese people. ICE itself is an exchange group with close relationships with regulatory authorities and even assumes some regulatory roles, with a greater say than typical asset management institutions and investment banks. 4. For ICE, this is another heavyweight bet on the cryptocurrency industry after investing in Polymarket. Over the past year, it is evident that ICE is accelerating its deployment towards encryption and tokenization. Launching encrypted asset futures contracts, encrypted asset data services, launching its own securities tokenization platform, and exploring a blockchain based financial infrastructure clearing and settlement system.