Ripple has officially finalized its acquisition of Hidden Road, rebranding the operation as Ripple Prime. The monumental $1.25 billion deal, announced in April 2025, positions Ripple as the first cryptocurrency company to own and operate a multi-asset prime broker on a global scale.
Ripple Prime is set to deliver a comprehensive suite of services across various financial instruments, including digital assets, foreign exchange, derivatives, swaps, fixed income, and even precious metals. This strategic move enhances Ripple’s standing in the financial services arena, offering robust capabilities aimed specifically at institutional clients.
Since its announcement, the business has experienced explosive growth, now serving over 300 institutional customers. Ripple Prime has cleared more than $3 trillion across diverse markets, reflecting a threefold increase in business activities since the acquisition plan was unveiled.
Ripple Prime’s Institutional Offerings
Ripple Prime delivers a unique, consolidated platform for institutional users, allowing them to manage trading, financing, and clearing from a single interface. This streamlined approach eliminates the need for clients to juggle multiple relationships with different service providers.
With real-time risk management capabilities and cross-margining features, Ripple Prime aims to simplify operations for hedge funds and market makers. All essential services can now be accessed through a single intermediary, allowing clients to execute exchange-traded derivatives, over-the-counter swaps, and fixed income clearing seamlessly.
Integration of RLUSD Stablecoin
The introduction of Ripple’s RLUSD stablecoin is another significant development within the newly launched platform. Some derivatives clients have opted to maintain their account balances in RLUSD, which is also being utilized as collateral for specific prime brokerage products. BNY Mellon has been appointed as the primary reserve custodian for the stablecoin.
In July 2024, the RLUSD stablecoin received an “A” rating from Bluechip, underscoring its stability, governance, and asset backing. Ripple’s future plans involve the integration of further blockchain innovations to enhance the Prime platform’s operations, aiming to streamline processes while reducing operational costs.
Marc Asch, the founder of Hidden Road, emphasized that the combined strengths of the two entities would unlock unprecedented growth opportunities through added licenses and increased risk capital. CEO Brad Garlinghouse described the acquisition as a pivotal moment for the wider adoption of digital assets.
This acquisition is part of Ripple’s broader expansion strategy, which has seen five major acquisitions in roughly two years, including GTreasury, Rail, Standard Custody, and Metaco. The establishment of Ripple Prime marks a substantial extension of Ripple’s influence beyond traditional payment and custody services, now entering the competitive realm of full broker-dealer services within both the crypto and foreign exchange markets.
