Ripple makes it Biggest Buy, purchase Hidden Road for $1.25 billion
Ripple purchased crypto-friendly prime brokerage Hidden Road for $1.25 billion
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Ripple purchased crypto-friendly prime brokerage Hidden Road for $1.25 billion. The blockchain technology company said in a statement on Tuesday that it hopes to use Hidden Road’s platform to provide larger-scale services to various institutional clients. ”
The US market is essentially open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance,” said Brad Garlinghouse, CEO of Ripple, in a statement released on Tuesday. “We are at an inflection point for the next phase of digital asset adoption.”.
The most recent acquisition by Ripple coincides with the growing interest of financial institutions in digital asset-backed products. Hidden Road was established in 2018 and provides a wide range of financial services aimed at institutional clients, such as transaction financing, cash management, securities lending, custodial and settlement services, and cash management.
The company claims to have over 300 institutional clients and clears over $3 trillion annually across markets.
Additionally, Ripple is incorporating its stablecoin, Ripple USD, into Hidden Road, where it will be used as collateral for all of the products offered by the premier brokerage. Because of the integration, RLUSD might have an advantage over other dollar-pegged cryptocurrencies in a crowded market.
The company’s decision coincides with a surge in merger and acquisition activity in the cryptocurrency sector before the implementation.
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