Ripple Acquires Hidden Road for $1.25 Billion, Expanding Institutional Crypto Services

Ripple has announced the acquisition of Hidden Road, a multi-asset prime brokerage firm, for $1.25 billion. This move positions Ripple as the first crypto company to own and operate a global, multi-asset prime broker. Hidden Road, which clears over $3 trillion annually, offers institutions services including clearing, prime brokerage, and financing across various asset classes, including digital assets. Ripple plans to leverage Hidden Road's infrastructure to enhance the utility of Ripple's RLUSD stablecoin, using it as collateral within Hidden Road's prime brokerage products. Additionally, Hidden Road will migrate its post-trade operations to the XRP Ledger (XRPL), showcasing XRPL's potential for institutional decentralized finance (DeFi). Ripple intends to inject fresh capital into Hidden Road to expand its operations. The acquisition aims to bridge traditional finance and crypto, leveraging XRP and stablecoin technologies to provide institutional clients with robust and reliable services in the digital asset space. The deal is subject to regulatory approvals and is expected to close in the coming months. The current price of XRP is approximately $1.92.