Ripple has completed its acquisition of Hidden Road, officially integrating it into its operations under the new name, Ripple Prime. This acquisition marks a significant milestone, positioning Ripple as the first cryptocurrency firm to own and operate a global, multi-asset prime brokerage. This move aims to deliver digital asset management solutions to institutional clients on a larger scale.
Earlier this year, Ripple announced its intentions to acquire Hidden Road, a prominent non-bank prime broker known for offering a comprehensive range of services to institutional investors. These services include clearing, prime brokerage, and financing across various financial instruments such as foreign exchange, digital assets, derivatives, swaps, and fixed income.
Ripple has reported impressive growth since the announcement of the acquisition, stating that Ripple Prime’s business has grown threefold. The company anticipates continued expansion and an increase in offerings for both new and existing clients.
This acquisition marks Ripple’s fifth major purchase in just two years, following recent deals including the acquisition of treasury management system provider GTreasury, the stablecoin-powered payment platform Rail, Standard Custody, and Metaco.
In response to the announcement, Ripple President Monica Long took to Twitter to emphasize the vast opportunities now available through Ripple Prime. She highlighted the innovative use of the RLUSD stablecoin, which is already being utilized as collateral for various prime brokerage products, and hinted at potential future applications for XRP within the new platform.
Long underscored that Ripple’s existing payment infrastructure, crypto custody solutions, and stablecoin services are expected to synergize effectively with Ripple Prime, enhancing the utility of RLUSD. With certain derivatives customers already opting to maintain their balances in RLUSD, the company expects this trend to grow in the upcoming months.
