Ripple has made a bold move in the digital asset space by acquiring prime brokerage firm Hidden Road for $1.25 billion. This historic deal marks Ripple as the first crypto company to fully own and operate a global, multi-asset prime broker, bridging traditional finance with the rapidly evolving digital sector.
Hidden Road has quickly gained prominence, offering institutional clients seamless access to foreign exchange, crypto, swaps, and fixed income services—all under one roof. The firm currently processes $3 trillion annually and collaborates with over 300 top financial institutions worldwide.
Great Regulations for Crypto Coming In the US
The acquisition comes at a pivotal time as the regulatory landscape for U.S. crypto businesses begins to clear. Ripple CEO Brad Garlinghouse sees this as a critical opportunity for institutional growth. “We are at an inflection point for the next phase of digital asset adoption,” he said, highlighting the maturing U.S. market following the end of regulatory uncertainty.
With Ripple’s robust financial backing and global regulatory reach—boasting over 60 licenses—Hidden Road is now poised to expand rapidly, targeting new markets and meeting the growing demands of its clients.
The deal also brings Ripple’s upcoming stablecoin, RLUSD, into the spotlight. Hidden Road plans to use RLUSD as collateral for trading products, marking it as the first USD-backed stablecoin to support cross-margining between crypto and traditional finance.
Additionally, Hidden Road’s post-trade operations will move to Ripple’s XRPL blockchain, promising cost reductions and enhanced efficiency. Ripple also sees opportunities to integrate Hidden Road’s services into its cross-border payments platform and expand its custody offerings for institutional clients.
Looking Ahead: Marc Asch, CEO of Hidden Road, believes the acquisition will unlock significant growth, stating, “Together with Ripple, we’re bringing the same level of trust and reliability that institutional clients are accustomed to in traditional markets—designed and optimized for a digital world.”
