Ripple Completes $1.25B Hidden Road Deal, Launches Ripple Prime

Ripple Expands Into Prime Brokerage

Ripple has completed its acquisition of non-bank prime broker Hidden Road and rebranded the business as Ripple Prime, extending its reach beyond digital assets into multi-asset finance. The company said the purchase, valued at $1.25 billion, makes it the first crypto firm to own and operate a prime brokerage spanning digital assets, derivatives, foreign exchange, fixed income and swaps for institutional clients.

Ripple said on Saturday that Ripple Prime’s business activity has tripled since the deal was announced in April, with more than 300 institutional clients and over $3 trillion cleared across its markets. “We are at an inflection point for the next phase of digital asset adoption,” Ripple chief executive Brad Garlinghouse said when the deal was announced in April. Hidden Road founder Marc Asch said the combination would “unlock significant growth” by adding licenses and risk capital.

Investor Takeaway

Multi-Asset Platform and RLUSD Integration

Ripple Prime will offer clearing, financing and brokerage across asset classes, including exchange-traded and over-the-counter derivatives, FX, fixed income, repo, and precious metals. The unit will also provide SOC 2 Type II compliance, cross-margining, and real-time risk management. For clients, the platform consolidates market access and post-trade functions that would otherwise require multiple intermediaries.

Ripple said its stablecoin Ripple USD (RLUSD) will play a growing role in the business. Some derivatives clients already hold balances in RLUSD and use it as collateral for prime-brokerage products. The company said this structure “enhances the utility and reach” of the token and ties it directly to Ripple’s broader infrastructure in payments, custody and digital asset settlement. RLUSD’s reserves are held with BNY Mellon, and the coin received an “A” rating for governance and backing from researcher Bluechip in July 2024.

From Blockchain Payments to Institutional Finance

The Hidden Road acquisition is part of a larger expansion drive. Ripple has completed six acquisitions in 28 months, including treasury platform GTreasury last week, stablecoin payments firm Rail in August, custody specialist Standard Custody in June 2024, and Metaco in 2023. The deals reflect Ripple’s move from cross-border payments toward a broader institutional offering that now covers custody, stablecoins, tokenization, and trading infrastructure.

Ripple’s push mirrors a trend among crypto firms seeking to integrate with mainstream finance. The company, best known as the issuer of XRP, said its goal is to link blockchain systems with established markets in foreign exchange and debt trading, while using RLUSD as a liquidity bridge. “Ripple’s digital asset infrastructure across payments, crypto custody and stablecoin, as well as the use of XRP, will complement the services offered within Ripple Prime,” the company said in its statement.

Investor Takeaway

Institutional Outlook

Ripple Prime will compete with established non-bank brokers serving hedge funds and market-making firms, such as Hidden Road’s previous peers B2C2 and Wintermute. Its advantage lies in combining blockchain-based payments with conventional prime-brokerage functions on one platform. For clients, the firm offers a single counterparty for access, financing and settlement — an approach that mirrors how prime brokers in traditional finance reduce funding and operational costs.

Whether Ripple can scale the business beyond its crypto origins will depend on client adoption and regulatory acceptance. The company said its institutional pipeline is expanding, with additional growth expected from existing customers and new entrants seeking diversified collateral options through RLUSD. For Ripple, the deal represents its most ambitious step yet to align blockchain infrastructure with the mechanics of global financial markets.