Crypto firm Ripple to buy prime broker Hidden Road for $1.25 billion

Reuters

Tue, Apr 8, 2025, 5:04 AM 1 min read

(Reuters) - Ripple said connected Tuesday it volition bargain multi-asset premier broker Hidden Road successful a $1.25 cardinal deal, making it 1 of the largest acquisitions by the crypto company.

This is the 2nd billion-dollar-plus woody involving a crypto institution this year, arsenic integer assets specified arsenic bitcoin summation much prominence nether U.S. President Donald Trump, who has promised to beryllium the "crypto president".

"The U.S. marketplace is efficaciously unfastened for the archetypal clip owed to the regulatory overhang of the erstwhile SEC coming to an end, and the marketplace is maturing to code the needs of accepted finance," Ripple CEO Brad Garlinghouse said.

Prime brokers assistance successful the day-to-day operations of clearing, securities lending, leveraged commercialized execution, among others. Large hedge funds and organization investors usually avail these services.

Hidden Road clears $3 trillion annually crossed markets with implicit 300 organization clients. The woody volition let the Hidden Road to grow exponentially utilizing Ripple's equilibrium expanse and go the largest non-bank premier broker globally, the crypto institution said.

Ripple volition besides go the lone crypto institution to ain and run a planetary multi-asset premier broker owed to the deal, which is expected to adjacent successful the coming months, it said.

The acquisition besides enhances Ripple USD's (RLUSD) inferior arsenic Hidden Road uses the stablecoin arsenic collateral crossed its premier brokerage products.

Ripple launched RLUSD, a stablecoin pegged to the U.S. dollar, past year, arsenic it sought to disrupt the marketplace dominated by Tether and USD Coin.

(Reporting by Pritam Biswas successful Bengaluru; Editing by Leroy Leo)