Hidden Road Secures Broker-Dealer License Days After $1.25B Ripple Acquisition

Ripple has recently achieved a significant milestone by acquiring Hidden Road, a prime brokerage firm, for $1.25 billion. This acquisition is noteworthy as it marks Ripple’s largest deal to date and positions the company as the first crypto firm to operate a global multi-asset prime brokerage. Hidden Road, which processes over $3 trillion annually across more than 300 institutional clients, will now leverage Ripple’s resources to expand its services and enhance its offerings in the financial sector.

In conjunction with the acquisition, Hidden Road has received approval from the Financial Industry Regulatory Authority (FINRA) to operate as a broker-dealer. This regulatory approval allows Hidden Road to broaden its prime brokerage, clearing, and financing services across fixed-income assets to a wider range of institutional investors. Ripple CEO Brad Garlinghouse emphasized that this deal provides a unique opportunity for the crypto industry to access some of the most established and trusted traditional markets. ​

As part of the integration, Hidden Road will utilize Ripple’s RLUSD stablecoin as collateral for its prime brokerage services and transition its post-trade activities onto the XRP Ledger. This move aims to offer faster and more cost-effective clearing services, thereby increasing Ripple’s competitiveness as a non-bank prime broker. ​
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Looking ahead, Hidden Road plans to expand its product offerings to include fixed-income repurchase agreements and global funding services later this year, further leveraging Ripple’s balance sheet and resources. ​

This strategic acquisition underscores Ripple’s commitment to bridging the gap between traditional finance and the digital asset economy, paving the way for greater institutional adoption of blockchain technology.