Coinatory Publisher
In a landmark move for the digital assets space, blockchain-based payments network Ripple has announced the acquisition of multi-asset prime brokerage firm Hidden Road for $1.25 billion. This acquisition positions Ripple as the first cryptocurrency company to own and operate a global, multi-asset prime broker.
Hidden Road, renowned for its institutional-grade clearing and financing services, processes over $3 trillion annually across more than 300 institutions. Its offering spans foreign exchange, digital assets, derivatives, swaps, and fixed income. The firm is now set to become the largest non-bank prime broker globally, according to Ripple.
Brad Garlinghouse, CEO of Ripple, emphasized the strategic importance of the acquisition as the U.S. regulatory environment begins to shift. “We are at an inflection point for the next phase of digital asset adoption,” he noted. “The U.S. market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end. The market is maturing to meet the needs of traditional finance.”
The acquisition is also poised to strengthen the position of Ripple USD (RLUSD), a stablecoin launched in December 2024 and targeted at institutional use. Hidden Road will adopt RLUSD as collateral across its services, enabling efficient cross-margining between digital and traditional financial markets—a first for stablecoins.
Marc Asch, Founder and CEO of Hidden Road, expressed confidence in the firm’s future under Ripple’s ownership. “With new resources, licenses, and added risk capital, this deal will unlock significant growth. It will allow us to expand capacity, offer new products, and serve a broader range of markets and asset classes.”
This transaction is one of the largest in the history of the cryptocurrency sector and underscores Ripple’s ambition to bridge the gap between traditional finance and decentralized ecosystems by delivering institutional-grade infrastructure and solutions.
