Ripple announced on Tuesday that it will acquire multi-asset prime broker Hidden Road in a deal valued at $1.25 billion, marking one of its largest acquisitions to date. This acquisition signals Ripple’s ambitious expansion into traditional finance services, further bolstering its position in the growing digital assets market.
The deal represents the second major billion-dollar-plus acquisition in the crypto space this year, highlighting the increasing prominence of digital currencies such as bitcoin. This surge comes amid a broader push for cryptocurrency support from U.S. President Donald Trump, who has pledged to be the “crypto president.”
Ripple CEO Brad Garlinghouse commented on the acquisition, noting that the U.S. market is “effectively open for the first time” due to the regulatory challenges posed by the former SEC leadership coming to an end. He also emphasized that the market is evolving to better meet the needs of traditional financial institutions.
Hidden Road plays a critical role in clearing, securities lending, and leveraged trade execution, offering its services primarily to large hedge funds and institutional investors. With annual clearing volume of $3 trillion across various markets, the acquisition will allow Hidden Road to significantly expand, using Ripple’s balance sheet to become the largest non-bank prime broker globally.
This acquisition also makes Ripple the first and only crypto company to own and operate a global multi-asset prime broker. The deal is expected to close in the coming months.
Furthermore, Ripple’s USD stablecoin (RLUSD), launched last year, will benefit from the deal. Hidden Road uses RLUSD as collateral across its prime brokerage products, enhancing the utility and adoption of Ripple’s stablecoin in traditional finance.
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