Ripple Just Bought a Prime Broker for $1.25B – and Is Bringing the XRP Ledger Along for the Ride
In one of the largest deals in the digital assets space, Ripple has announced its acquisition of Hidden Road for $1.25 billion. This strategic purchase makes Ripple the first crypto company to own and operate a global, multi-asset prime broker.
Hidden Road has established itself as one of the fastest-growing prime brokers worldwide, offering institutions comprehensive services including clearing, prime brokerage, and financing across various markets.
What you'll learn 👉
Bridging Traditional Finance and Digital Assets
The crypto industry needs robust infrastructure to support institutional adoption, and prime brokers play a crucial role by bringing professional trading services to digital assets. Hidden Road already has a strong business foundation as this company cleared $3 trillion annually across markets with more than 300 top institutional customers. With Ripple’s financial backing, Hidden Road aims to expand its capacity and potentially become the largest non-bank prime broker globally.
“We are at an inflection point for the next phase of digital asset adoption,” said Brad Garlinghouse, CEO of Ripple. “The US market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance.”
Today, Ripple announced it is acquiring Hidden Road for $1.25B– becoming the first crypto company to own and operate a global, multi-asset prime broker. Together, Ripple and Hidden Road are bringing the promise of digital assets to institutional customers at scale, bridging…
— Ripple (@Ripple) April 8, 2025
XRP Ledger and Ripple USD Take Center Stage
This acquisition strengthens the position of Ripple USD (RLUSD) as an enterprise-grade USD-backed stablecoin. Hidden Road plans to leverage RLUSD as collateral across its prime brokerage products, making it the first stablecoin to enable efficient cross-margining between digital assets and traditional markets.
In a big move for blockchain adoption, Hidden Road will migrate its post-trade activity to the XRP Ledger (XRPL). This transition aims to streamline operations and lower costs, showcasing XRPL’s potential as a preferred blockchain for institutional decentralized finance. Ripple also sees opportunities to optimize costs and liquidity in its cross-border payments solution, Ripple Payments, while providing custody services to Hidden Road’s customers.
“With new resources, licenses, and added risk capital, this deal will unlock significant growth in Hidden Road’s business,” said Marc Asch, Founder and CEO of Hidden Road. “Together with Ripple, we’re bringing the same level of trust and reliability that institutional clients are accustomed to in traditional markets — designed and optimized for a digital world.”
Ripple brings over a decade of experience in the digital asset space and holds more than 60 regulatory licenses and registrations across various jurisdictions. The company participated in Hidden Road’s Series B funding round and is already a customer of its platform. The acquisition is expected to close in the coming months, pending regulatory approvals.
Read also: The First-Ever XRP ETF Is Here… and It’s Already on Steroids
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