Ripple has closed its acquisition of non-bank prime broker Hidden Road and rebranded it as Ripple Prime, marking one of the company’s most significant deals to date. This move substantially expands Ripple’s operations beyond the digital assets sector.
Ripple now stands as the first crypto company to own and operate a multi-asset prime broker. Ripple Prime covers a wide range of services including clearing, financing, and brokerage across digital assets, derivatives, swaps, foreign exchange, and fixed-income products tailored for institutional clients.
Since the $1.25 billion acquisition was announced in early April, Ripple Prime’s business activity has already grown threefold. Ripple expects further growth from both new and existing customers in the near future.
### Bridging TradFi and Digital Assets
Ripple is among several crypto-native firms actively bridging traditional finance (TradFi) with the digital asset space. The company integrates blockchain and crypto products to enable banks to conduct cross-border transactions and other financial operations efficiently.
### A Blockchain-Driven Future for Ripple Prime
As the issuer of the XRP cryptocurrency, Ripple said its new business will “significantly enhance the utility and reach” of its Ripple USD (RLUSD) stablecoin. Ripple noted that its foundational digital asset infrastructure—including payments, crypto custody, and stablecoin solutions—along with the use of XRP, will complement the services offered within Ripple Prime.
Looking ahead, Ripple plans to integrate blockchain capabilities into Ripple Prime to streamline operations and optimize costs. RLUSD is expected to play a key role in this transition. Ripple highlighted that several derivatives customers are already choosing to hold their balances in the US dollar stablecoin, which is also being used as collateral for various prime brokerage products.
### Ripple’s Acquisition Spree Continues
This acquisition comes amid Ripple’s ongoing spree to broaden its institutional offerings. The company acquired treasury management system provider GTreasury last Thursday and stablecoin-powered payment platform Rail in August 2024.
These deals build on previous acquisitions such as Standard Custody in June 2024 and Metaco in June 2023, bringing Ripple’s total to six strategic acquisitions in 28 months. This series of deals underscores Ripple’s broader commitment to delivering blockchain and crypto products tailored for institutional clients.
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