Ripple Acquires and Rebrands Non-Bank Prime Brokerage Firm Hidden Road

Ripple announced it acquired non-bank prime broker Hidden Road. Following the deal, Ripple rebranded Hidden Road as Ripple Prime. This move enables Ripple to expand its brokerage services and integrate the business with its broader digital assets strategy.

The acquisition is timely, as the brokerage sector is gaining momentum due to improved regulations.

Following the acquisition, Ripple Prime is now a crypto-focused brokerage. It will provide services across multiple asset classes. Previously, Hidden Road’s offerings spanned FX, financing, clearing, fixed income, swaps, derivatives, and digital assets.

Ripple Prime Has Recorded A Major Increase In Activities Since The Acquisition

Since the announcement, Ripple Prime has experienced significant growth in activity. Its parent company continues to pursue enhanced products and services for users.

Ripple Prime will oversee various crypto businesses after the rebranding. It will integrate its digital asset infrastructure, including XRP and its stablecoin, into Ripple Prime.

Additionally, RLUSD, crypto custody, and crypto payments will be included. The firm will activate blockchain features on its platform, reducing costs and streamlining operations.

Ripple noted that the rebranding exercise is a major channel for the institutional use of its stablecoin, RLUSD. The stablecoin can be used as collateral for different prime brokerage products.

It will also serve some derivative clients who prefer to hold their balances in RLUSD. Ripple says it expects more users to adopt the new platform and its features in the coming months.

Ripple Continues To Show Strength Through Expansion

Chief Executive Officer of Hidden Road, Marc Asch, stated that the acquisition will enable the company to gain considerable exposure. He is now working closely with Ripple’s Chief Executive Officer, Brad Garlinghouse. They have assembled a leadership team that will continue the next phase of the firm’s expansion.

Shortly after the acquisition, Hidden Road added a new digital asset brokerage service for the U.S. market. The service will enable institutional clients based in the US to trade cash-settled OTC swaps across a wide range of digital assets. Hidden Road has also entered into a partnership with CIV UK Ltd to offer a broader range of digital assets to clients.

Ripple continues to strengthen its expansion strategy with this acquisition. In the past two years, the company has completed additional deals, including Metaco, Standard Custody, payments platform Rail, and treasury management provider GTreasury.