Ripple has announced the acquisition of Hidden Road for $1.25 billion, marking one of the largest transactions in the digital asset sector. The deal positions Ripple as the first cryptocurrency company to own and operate a multi-asset prime broker at a global scale. Hidden Road, which clears over $3 trillion annually and serves more than 300 institutional clients, offers services across foreign exchange, digital assets, derivatives, and fixed income. With Ripple’s financial backing, Hidden Road will increase its service capacity and expand into more markets and asset classes. The acquisition aims to strengthen infrastructure for institutional adoption of digital assets by providing credible and professional trading services traditionally found in legacy finance.
The transaction will also bolster the use of Ripple USD (RLUSD), a stablecoin now set to be used as collateral across Hidden Road’s products, enabling efficient cross-margining between digital and traditional markets. Hidden Road will migrate post-trade operations to the XRP Ledger (XRPL) to streamline costs and operations. Ripple intends to integrate its custody and cross-border payment solutions to further support institutional clients. This strategic acquisition enhances Ripple’s role in providing secure and compliant digital asset infrastructure, with the deal expected to close pending regulatory approval.
