Cryptocurrency exchange OKX has launched a new service to provide access to digital assets to institutional clients who wish to offer cryptocurrency services to their customers.
summary
- OKX has launched Rubix, a modular workflow solution that enables financial institutions to integrate regulated digital asset services into existing systems without building new infrastructure.
- The platform aims to simplify crypto adoption for banks and asset managers by reducing compliance and operational barriers, allowing them to diversify their services, develop new revenue streams, and meet the growing institutional demand for digital assets.
According to a press release sent to crypto.news, the crypto exchange platform has introduced a new modular workflow solution that allows financial institutions to offer digital asset services to their clients and customers without building new infrastructure. The new service, called Rubix, allows institutions to integrate digital assets into their existing operations while preserving their business models.
By integrating Rubix, financial institutions such as banks, brokerages, and asset management companies can embed digital assets directly into their existing platforms. The service aims to help banks diversify their offerings to include new crypto asset classes and unlock revenue streams that were previously inaccessible to traditional financial companies.
Institutions can select the components they need and integrate them into their operating models, risk frameworks, and governance structures. This modular approach gives companies the flexibility to deploy digital asset capabilities without disrupting established front, middle, or back-end processes.
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Features for institutional investors include a regulated market access module. This covers key jurisdictions to maintain regulatory compliance with existing regional frameworks, such as MiCA or MiFID II in Europe, VARA in the UAE, AFSL or AUSTRAC in Australia, CNV in Argentina, and MSB or MTL licenses in the United States.
Additionally, OKX Rubix provides companies with access to a deep centralized limit order book market, over-the-counter RFQ systems, and the ability to enable delayed settlement options for more capital-efficient operations without the need for exchange pre-funding.
Additionally, the solution is compatible with existing OMS/EMS systems as well as FIX, REST, and WebSocket APIs. For financial institutions that prioritize security, the service offers off-exchange custody, allowing them to choose a licensed bank custodian or trusted third party to reduce counterparty risk.
Rubix also offers banks the flexibility to use fiat currencies, stablecoins, crypto assets, or tokenized money market funds. The solution also offers additional services such as access to credit lines, loans, fiat on/off ramps, and enterprise-grade account management.
OKX meets institutional demand for cryptocurrencies
The rise of stablecoins and digital assets in the mainstream financial system has significantly increased institutional demand for crypto asset services. Existing financial institutions such as JP Morgan, HSBC, and even global payments system SWIFT have begun developing their own blockchains to meet the demand for digital asset services in banking.
However, not all banks have the ability to host blockchain. As a result, the adoption of crypto assets in the banking industry has been hampered by operational complexity, fragmented infrastructure, and evolving regulations.
Simon Ren, senior vice president at OKX Institutional, said financial institutions have been held back by complexity and compliance when it comes to implementing crypto assets. He explained that OKX Rubix solves this problem by offering a regulated digital asset service that can be integrated into existing client channels while maintaining a unique model.
“Rubix is deployed as a bespoke organizational workflow designed and managed by the customer, with OKX providing the regulated and scalable market infrastructure behind it,” said Ren.
Most recently, OKX expanded its affiliated custody program with Standard Chartered to the European Economic Area, allowing institutional investors to store their digital assets at the bank while mirroring their OKX balances for trading. The program was first launched in the United Arab Emirates earlier this year, and the exchange has since expanded the scope of its services to the European region.
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