Ripple has acquired prime broker Hidden Road for $1.25 billion, one of the largest deals in the digital assets space.
With this acquisition, Ripple aims to bring traditional finance’s credibility and professional trading services to the digital asset world. This will open new doors for institutional adoption.
Hidden Road is one of the fastest-growing prime brokers, offering services like clearing, prime brokerage, and financing across foreign exchange (FX), digital assets, derivatives, swaps, and fixed income. The firm clears $3 trillion annually and serves over 300 institutional customers. Now, backed by Ripple’s deep pockets, Hidden Road is set to expand its capacity and solidify its position as the largest non-bank prime broker globally.
Brad Garlinghouse, Ripple’s CEO, commented, “We’re at a tipping point for digital asset adoption, especially in the U.S. market. With regulatory clarity, we’re positioned to transform the space.” This acquisition could turbocharge Ripple’s growth, making it a key player in bridging traditional finance with decentralized finance (DeFi).
Ripple is also reinforcing its stablecoin, Ripple USD (RLUSD), which will now be used as collateral across Hidden Road’s products. RLUSD becomes the first stablecoin to enable efficient cross-margining between digital assets and traditional markets, further establishing its enterprise-grade utility.
Hidden Road will migrate its post-trade activities to Ripple’s XRP Ledger (XRPL), showcasing the blockchain’s potential for institutional DeFi. This move promises to streamline operations, lower costs, and enhance liquidity in Ripple’s cross-border payments solution, Ripple Payments. XRP, which has long been a cornerstone for Ripple, continues to play a pivotal role in driving growth and innovation.
Marc Asch, Founder and CEO of Hidden Road, said, “With Ripple’s resources and risk capital, we can expand our offerings, serve more markets, and provide the same trust and reliability that institutional clients expect from traditional finance, but optimized for the digital world.”
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