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Ripple is acquiring multi-asset prime broker Hidden Road for $1.25 billion to strengthen its position in institutional finance and digital asset infrastructure.
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The deal includes plans to integrate Ripple’s stablecoin RLUSD and migrate Hidden Road’s post-trade operations to the XRP Ledger.
Ripple Labs has signed an agreement to acquire multi-asset prime brokerage firm Hidden Road for $1.25 billion, with the intention to boost its reach in the institutional finance space and increase its digital asset infrastructure.
The all-cash transaction marks one of the largest acquisitions in the digital asset industry and is expected to improve Ripple’s institutional strategy. Hidden Road currently clears over $3 trillion annually across foreign exchange, digital assets, derivatives, and fixed income markets, with a client base exceeding 300 institutional firms.
By acquiring Hidden Road, Ripple becomes the first crypto-native company to own and operate a global, multi-asset prime broker, giving it a major foothold in the traditional finance world. The acquisition is part of Ripple’s plan to bridge the gap between conventional markets and the crypto market.
Stablecoin Integration and XRPL Migration
As part of the acquisition, Hidden Road will incorporate Ripple’s recently launched U.S. dollar-backed stablecoin, RLUSD, into its collateral framework. RLUSD will be used across Hidden Road’s prime brokerage products to facilitate cross-margining between traditional and digital asset classes—a first-of-its-kind integration in the space.
In addition, Hidden Road plans to transition its post-trade infrastructure onto the XRP Ledger (XRPL), Ripple’s public blockchain. The company said this switch will improve transaction settlement efficiency and offer institutional clients a more transparent, on-chain alternative to legacy infrastructure.
Leadership Views and Deal Timeline
Ripple CEO Brad Garlinghouse commented on the deal, saying the transaction reflects a major turning point for digital assets. “We are at an inflection point for the adoption of digital assets,” Garlinghouse said. “The U.S. market is effectively open for the first time in years as regulatory clarity emerges, and institutions are now ready to interact at scale.”
Marc Asch, Founder and CEO of Hidden Road, said the acquisition is in line with the firm’s long-term growth strategy. “This partnership with Ripple enables us to rapidly scale operations, expand our market coverage, and launch new product lines while staying true to our commitment to building modern, secure financial infrastructure,” Asch noted.
The deal is subject to regulatory approvals and is expected to close in the coming months. Ripple said the acquisition will improve its ability to offer institutional clients a unified platform for accessing both traditional and digital markets.