Ripple Completes Hidden Road Acquisition, Launches Ripple Prime
- Ripple finalizes Hidden Road deal, forming Ripple Prime as a global prime brokerage leader.
- RLUSD gains wider use in collateral and institutional trading under Ripple Prime.
- Ripple improves institutional reach with recent GTreasury and Rail acquisitions.
Ripple has completed its acquisition of Hidden Road, a global non-bank prime broker, a major step forward into institutional finance. The deal, finalized this week, makes Ripple the first crypto-native firm to own and operate a global, multi-asset prime brokerage. This move aims to strengthen Ripple’s integration of digital assets with traditional financial infrastructure.
Ripple Prime Is a New Institutional Phase
Following the acquisition, Hidden Road will now operate as Ripple Prime. The business provides services across foreign exchange, digital assets, derivatives, swaps, and fixed income. According to Ripple, its prime brokerage arm has tripled in size since the acquisition announcement earlier this year. The company expects additional growth from both new and existing clients.
The merger combines Ripple’s blockchain infrastructure with Hidden Road’s institutional network. Ripple’s President, Monica Long, said the collaboration will expand Ripple Prime’s opportunities, noting the firm plans to utilize XRP and RLUSD for collateral and settlement. She added that the integration creates “a bright future” for the company’s institutional operations.
Ripple Prime intends to adopt blockchain capabilities within its brokerage services to improve efficiency and reduce costs. The platform will extend access to settlement, custody, trading, and financing for institutional customers, bridging traditional and digital asset markets under a unified framework.
RLUSD Stablecoin Role
Ripple’s U.S. dollar-pegged stablecoin, RLUSD, will be a key component of the prime brokerage system. The company stated that derivatives clients have already started holding balances in RLUSD, while several products now use it as collateral. This enhances the stablecoin’s real-world utility within institutional finance.
Ripple said RLUSD has earned strong institutional trust due to its regulatory compliance and reserve transparency. In July, analytics firm Bluechip rated RLUSD as the top stablecoin for stability, governance, and asset backing, assigning it an “A” rating. Ripple also designated BNY Mellon as the reserve custodian for RLUSD, a move aimed at improving oversight and investor confidence.
Brad Garlinghouse, Ripple’s CEO, emphasized that XRP remains at the center of the company’s market. He noted that with the Hidden Road acquisition, now Ripple Prime, the company has executed five major deals in about two years, building what he described as the foundation for an “Internet of Value.”
Related: Ripple Launches $1B SPAC Plan to Strengthen XRP Liquidity
Acquisition Spree Strengthens Ripple’s Hold
Ripple’s recent acquisition spree shows its strategy to expand institutional offerings. Last week, it announced the purchase of treasury management system provider GTreasury. Earlier in August, it acquired Rail, a stablecoin-powered payments platform. Standard Custody and Metaco were previously acquired in June 2024 and May 2023, respectively.
The firm’s consistent acquisitions are a push to integrate blockchain tools into corporate finance and banking services. Ripple has also partnered with Absa Bank in South Africa to expand its digital asset custody solutions. These initiatives aim to provide institutional clients with secure access to tokenized funds and blockchain-based asset management.
Notably, Ripple Prime will operate across multiple financial sectors, including foreign exchange and derivatives. The integration of Hidden Road’s infrastructure allows Ripple to serve banks, hedge funds, and asset managers seeking to bridge between fiat and crypto assets.
Hidden Road founder and CEO Marc Asch will work closely with Garlinghouse and Ripple’s leadership to align operational processes. Ripple said both teams share similar global footprints and a focus on technology-driven risk management. Meanwhile, Ripple’s series of strategic acquisitions, combined with its stablecoin and blockchain infrastructure, shows the company’s broad ambitions in digital finance.
