Kardashian, 29, popped the question Monday night – just 10 weeks after they took their relationship public.
“They are engaged. They have been up all night celebrating,” a source tells PEOPLE. “Rob is very excited.”
Added another insider: “Their close friends are so happy for them.”
The couple celebrated Monday night with Chyna’s mother, hitting up Ace of Diamonds strip club in Los Angeles to toast their engagement.
Chyna, 27, took to Instagram to announce the happy news, sharing a selfie of the two all smiles with the large rock on display.
“YES…!…!…!” she captioned the post.
Kardashian also shared a picture of his fiancée from inside the strip club, showing off the sparkly ring and holding a stack of bills.
Chyna’s best friend Amber Rose also took to Instagram to congratulate the couple.
“Congratulations to my Family @blacchyna and @robkardashian!!!” she gushed. “[Please] don’t let nothing or no one tear u guys apart! I never seen my sis so happy and I couldn’t be more happy for her! Sometimes we find love in the strangest places. Lol God Bless you 2! Now let’s get this wedding together so y’all can start making some babies #TrueLove #putaringonitsouknowitsreal #BlacRob.”
On Tuesday, Chyna Instagrammed a close-up video of the ring, gushing: “I’m so blessed and honored to have good man in my life, I love you @robkardashian ! #7carats #VVS @benballer.”
Kardashian and the model/business owner have been known to tease an engagement or two before, with Chyna repeatedly flashing a diamond ring on that finger in February. (They also joke about getting married and having babies regularly on Snapchat.)
When news first broke of the relationship in January, it created major drama between the reality star and the rest of his famous family because of the tense and complicated history Chyna has with the Kardashian-Jenner women: She was previously engaged to and shares a son with Tyga, 26, who is now dating Kardashian’s youngest sister Kylie Jenner, 18.
“Kris is actually super stoked on them being together now,” a source recently told PEOPLE. “She feels like Rob was pulled out of his depression phase because of her.”
Indeed, the relationship has prompted a massive change in Kardashian, who previously lived a majorly reclusive lifestyle and removed himself from the public eye for around two years while struggling with weight gain and depression.
The positive changes haven’t gone unnoticed by his family, and a source told PEOPLE last week they are happy for Kardashian and have warmed up to the relationship.
“They’re all about loyalty,” said the insider. “Nobody’s been able to help him. Khloé [Kardashian] and Kendall [Jenner] have really tried to get him out of the house, and they could never do it. [Chyna] came along and obviously it’s made a difference.”
Interestingly, though, none of the family members were in Los Angeles when Kardashian popped the question – Kris whisked away all of her daughters, as well as Kourtney Kardashian‘s ex Scott Disick, Kim Kardashian West‘s husband Kanye West, and Kylie’s boyfriend Tyga on Monday afternoon for a mystery trip.