In a landmark move set to reshape institutional crypto services, Ripple has announced its acquisition of prime brokerage firm Hidden Road for $1.25 billion. This deal marks one of the largest in digital asset history, positioning Ripple at the intersection of traditional finance and next-gen blockchain infrastructure.
A Strategic Leap into Prime Brokerage
With this acquisition, Ripple becomes the first crypto firm to own and operate a global, multi-asset prime broker, offering institutional clients a full suite of services—clearing, financing, and brokerage—across foreign exchange (FX), derivatives, swaps, fixed income, and digital assets.
Hidden Road, which processes over $3 trillion in annual trading volume and serves more than 300 top-tier institutional clients, is no newcomer to scale. Ripple had previously invested in the firm’s Series B round and also used its platform as a client.
Ripple plans to inject billions into Hidden Road’s operations, accelerating its growth, expanding product offerings, and pushing deeper into traditional financial markets.
Unlocking Institutional Liquidity with RLUSD
A central pillar of the acquisition is the enhanced role of Ripple’s USD-backed stablecoin, RLUSD. Already used as collateral across Hidden Road’s services, RLUSD will now enable cross-margining between digital and traditional assets—a first in the crypto space.
This move strengthens RLUSD’s position as an enterprise-grade stablecoin with tangible institutional utility. It also underpins Ripple’s broader ambition of merging decentralised infrastructure with traditional market frameworks.
Bringing Institutional Services to XRPL
Following the acquisition, Hidden Road will migrate its post-trade operations to Ripple’s decentralised blockchain network, XRPL. It will also integrate Ripple-powered liquidity solutions and custody offerings, enhancing its appeal to institutional players looking for scalable, compliant crypto infrastructure.
The combined capabilities will allow Ripple to provide a one-stop platform tailored for institutions navigating both the digital and legacy financial systems.
A Vote of Confidence in XRP’s Future
Ripple CEO Brad Garlinghouse framed the deal as timely, noting a “regulatory shift” in the U.S. that opens the door for broader adoption. He sees this as a pivotal moment for digital assets to meet the demands of traditional finance.
Reinforcing that optimism, Standard Chartered recently projected XRP could reach $12.50 by end-2028, a massive jump from its current value of $1.94. This bullish outlook adds further weight to Ripple’s strategic expansion.
