Ripple closed its acquisition of the non-bank prime broker Hidden Road and rebranded it as Ripple Prime, marking one of the company’s most significant deals to date and a major expansion of its operations beyond the digital assets sector.
Ripple says it is now the first crypto company to own and operate a multi-asset prime broker, covering everything from clearing, financing, and brokering across digital assets, derivatives, swaps, foreign exchange, and fixed income products for institutional clients.
Ripple Prime’s business activity has tripled since $1.25 billion acquisition was announced in early April, Ripple said On Friday, adding that more growth from new and existing customers is expected.
Ripple is one of the many crypto-native companies that have been bridging tradfi in the digital asset space by integrating blockchain and crypto products for banks Cross-border transactions and other financial operations.
Ripple wants to put the new business on the blockchain rails
Ripple, the issuer behind the XRP (XRP) cryptocurrency, said the new venture will “significantly enhance the utility and reach” of the Ripple USD (RLUSD) StableCoin,
“Ripple’s digital asset foundation in full payments, crypto custody and StableCoin, as well as the use of XRP, will complement the services offered within Ripple Prime.”
In the future, Ripple also plans to integrate blockchain capabilities into Ripple Prime to streamline operations and optimize costs.
Looking forward to RLUSD To play a major role in that transition, Ripple is with some derivatives customers choosing to hold their balances in US Dollar StableCoin and it is also used as collateral for many prime brokerage products.
Ripple is on an acquisition spree
This comes as Ripple also acquired Treasury Management System Provider Gtreasury on Thursday and StableCoin-powered payment platform Rail in August.
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Those agreements build on the acquisition of Common Custody in June 2024 and Metaco in June 2023 – making it six strategic deals in 28 months as part of Ripple’s broader push to offer blockchain and crypto products to institutions.
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