Ripple Becomes First Crypto Firm to Operate a Global Prime Broker

TLDR:

• Ripple finalized its acquisition of Hidden Road, launching Ripple Prime as a global multi-asset prime brokerage.
• Ripple Prime’s business has grown threefold since the initial announcement earlier this year, signaling fast adoption.
• RLUSD is now used as collateral for brokerage services, supported by BNY Mellon as its primary custodian.
• Ripple has completed five acquisitions in two years, strengthening its position in institutional crypto finance.
  

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Ripple has made one of its biggest corporate moves yet. The company has completed its acquisition of Hidden Road, a fast-growing non-bank prime broker. 

The deal marks Ripple’s official entry into global prime brokerage through its newly launched entity, Ripple Prime. It also cements Ripple as the first crypto company to operate a multi-asset prime broker at scale..

Ripple Prime to Expand Crypto Brokerage and Institutional Reach

Ripple confirmed that Hidden Road has been fully integrated into its ecosystem. The new entity, Ripple Prime, will serve institutional clients seeking advanced services in digital assets, derivatives, and foreign exchange. 

According to the company’s blog, Ripple Prime’s business has already tripled in growth since the initial acquisition announcement earlier this year.

Ripple’s infrastructure, which includes payments, crypto custody, and stablecoin solutions, will enhance the scope of Ripple Prime. The company said it plans to integrate blockchain technology into its brokerage operations to cut costs and streamline transactions.

This development aligns with Ripple’s mission to bring efficient digital asset solutions to financial institutions worldwide.

Hidden Road’s founder, Marc Asch, will work closely with Ripple CEO Brad Garlinghouse during the ongoing integration phase. Both executives have expressed commitment to unifying operations and ensuring regulatory alignment across jurisdictions. 

Ripple said this partnership creates a foundation for institutional adoption of digital assets on a larger scale.

Stablecoin RLUSD Gains Institutional Momentum Through Ripple Prime

Ripple also revealed that its stablecoin, RLUSD, will play a crucial role within Ripple Prime’s services. 

Institutions are already using RLUSD as collateral for brokerage products, and its adoption continues to grow. Some derivatives clients have chosen to hold balances in RLUSD, driven by its regulatory compliance and reliability.

In July, blockchain analytics firm Bluechip rated RLUSD as the top stablecoin for governance, asset backing, and stability, granting it an “A” rating. Ripple emphasized that The Bank of New York Mellon will act as RLUSD’s primary reserve custodian, strengthening trust among institutional partners.

Ripple believes the integration of RLUSD with Ripple Prime will extend its real-world use cases, particularly within the trading and settlement ecosystem. The firm expects this synergy to attract new clients looking for secure digital asset operations.

Ripple’s Expansion Strategy Continues

The Hidden Road acquisition is part of Ripple’s wider expansion strategy. In the past two years, the company has completed five major acquisitions, including Metaco, Standard Custody, and Rail. Just last week, Ripple announced plans to acquire GTreasury, a leading treasury management provider.

Ripple described its relationship with Hidden Road as a natural fit. Both companies share a strong focus on technology, risk management, and operational integrity. With Ripple Prime now operational, the company is positioning itself as a key player in institutional crypto finance.

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