Ripple Acquires Hidden Road for $1.25 Billion to Expand Institutional Services

Ripple, the company behind XRP, announced the acquisition of prime brokerage firm Hidden Road for $1.25 billion. The deal, revealed today, aims to bolster Ripple's services for institutional clients. According to CEO Brad Garlinghouse, this acquisition will provide the necessary infrastructure to meet the demands of major financial institutions. The transaction, a mix of cash, XRP tokens, and equity, is expected to finalize in the coming months, pending regulatory approval. Hidden Road's founder, Marc Asch, will continue to lead the firm. Hidden Road processed over $3 trillion in fund transfers in 2024 alone. Ripple plans to integrate its RLUSD stablecoin into Hidden Road's brokerage ecosystem and explore using the XRP Ledger to streamline settlement processes.