Ripple Completes Acquisition of Hidden Road, Rebrands as Ripple Prime
Ripple’s $1.25 billion acquisition of Hidden Road establishes Ripple Prime as the first crypto-owned global multi-asset prime broker, integrating XRP and RLUSD into expanded institutional services.
Ripple has concluded its $1.25 billion acquisition of Hidden Road, rebranding the entity as Ripple Prime. The company states this makes it the first cryptocurrency firm to own and operate a global multi-asset prime broker. Ripple Prime will offer clearing, financing, and prime brokerage services across FX, derivatives, swaps, and digital assets, with Hidden Road founder Marc Asch remaining involved in integration. Ripple's institutional stablecoin RLUSD is already used as collateral in several products, with BNY Mellon as reserve custodian and an 'A' rating from Bluechip Analytics. The acquisition is part of Ripple’s broader expansion strategy, following four other major deals in two years, to strengthen its custody, payments, liquidity, and treasury capabilities. Ripple plans to integrate blockchain tools to lower costs and enhance adoption, while exploring new uses for XRP in prime brokerage services.
- Prime Brokerage: A suite of services provided by financial institutions to institutional clients, including trading, lending, and collateral management.
- Ripple Prime: The institutional brokerage arm of Ripple, formed following the $1.25 billion acquisition and rebranding of Hidden Road.
- RLUSD: Ripple’s institutional-grade stablecoin used as collateral in prime brokerage products, backed by reserves held at BNY Mellon, and rated 'A' by Bluechip Analytics.