Ripple has officially completed its acquisition of Hidden Road, marking the launch of Ripple Prime — the first global multi-asset prime broker owned by a crypto company. This strategic move cements Ripple’s leadership position at the intersection of blockchain, finance, and institutional markets.
A Major Strategic Milestone
The acquisition, first announced in April and finalized this month, brings one of the fastest-growing prime brokerage platforms in foreign exchange, digital assets, derivatives, swaps, and fixed income into Ripple’s ecosystem. Hidden Road will now operate under the Ripple Prime brand, representing a bold new chapter for Ripple as it expands beyond payments into institutional brokerage and clearing.
Ripple reports that Ripple Prime’s business has tripled in size since the acquisition announcement, underscoring accelerating institutional interest in its services.
Leveraging Ripple’s Powerful Infrastructure
Ripple Prime will fully integrate Ripple’s core infrastructure — including its payments network, crypto custody capabilities, and the RLUSD stablecoin — to power a new generation of institutional finance. By embedding blockchain technology at the heart of its prime brokerage operations, Ripple aims to streamline trading, boost transparency, and significantly lower costs for its global client base.
RLUSD is already serving as collateral for multiple prime brokerage products, and demand is growing quickly. Several derivatives clients have chosen to hold their balances in RLUSD, signaling rising confidence in Ripple’s stablecoin as a key financial instrument.
Leadership Driving Digital Asset Adoption
Brad Garlinghouse, Ripple’s CEO, has called this moment an “inflection point for the next phase of digital asset adoption,” emphasizing that the U.S. regulatory environment is finally opening up for institutional participation.
Marc Asch, founder and CEO of Hidden Road, will work alongside Ripple’s leadership team during the integration, bringing deep expertise in prime brokerage to Ripple’s rapidly growing institutional offerings.
A Record of Strategic Acquisitions
This is Ripple’s fifth major acquisition in just two years. In 2023, the company acquired Metaco, a leading digital asset custody firm. In 2024, Ripple expanded with the purchases of Standard Custody & Trust Company, Rail, and most recently, GTreasury. Together, these moves form an aggressive strategy to solidify Ripple’s position as a global financial infrastructure leader.
GTreasury CEO Renaat Ver Eecke highlighted the company’s vision: “By joining Ripple, we’re accelerating our mission from managing capital to activating it.”
RLUSD: A Leading Digital Dollar
Ripple’s stablecoin, RLUSD, has grown rapidly, with a market cap approaching $900 million and daily trading volume exceeding $70 million. In July, analytics firm Bluechip gave RLUSD an “A” rating for stability, governance, and asset backing — ranking it as the number one digital dollar. Ripple has also appointed The Bank of New York Mellon Corporation as its primary reserve custodian, further strengthening trust in RLUSD’s backing.
XRP Momentum Building
In parallel with this expansion, Evernorth — a company holding XRP — announced plans to go public through a SPAC merger with Armada Acquisition Corp II. Backed by a $200 million investment from SBI Holdings Inc. and an undisclosed investment from Ripple Labs, the merged entity will trade on Nasdaq under the ticker XRPN, pending regulatory approval.
Meanwhile, XRP has continued its upward momentum. Over the weekend, the token climbed more than 5%, trading at $2.56 after closing Friday at $2.405, with strong buying support and increasing institutional accumulation.
