Ripple’s newly acquired chief broker, Hidden Road, has launched cryptocurrency swaps for institutional investors in the United States.
Service allows institutional trading clients to trade a cash-settle over-the-counter (OTC) Replaced with many major crypto assets, hidden roads announced on May 28.
The new OTC replacing product is offered by the Hidden Road Partners, the creature of the company controlled by the United Kingdom’s Financial Conduct Authority (FCA).
The launch follows Ripple’s $ 1.25 billion hidden hidden road is hidden road announced in April, making the company behind XRP (XRP) One of the first crypto companies to own and run a global, multi-asset prime broker.
Crypto OTC has exchanged limited to the US
Crypto OTC swaps are private, off-exchange transactions in which the two traders agree to exchange cryptocurrency assets directly, often involving large trade, so as not to cover prices with exchanges.
According to Hidden Road’s global CEO Michael Higgins, OTC swaps represent a significant portion of digital assets trading worldwide, but they are “largely not available to US institutions.”
“The United States digital asset market has long been unspecified from a product stance,” Higgins said.
The executive did not provide any specific figures for the estimated Crypto OTC volume worldwide. In January 2024, the Crypto OTC infrastructure firm reported filling the finery markets Institutional OTC volumes jump 106% Last year.
Cointelegraph approached the hidden way for the comment on the estimated OTC volume worldwide and the US, but did not receive a response at the time of publication.
Rising demand at institutional
In December 2024, the Higgins Highlighting A rising demand for institution balance sheets from large institutions in an interview with financial magnates.
“Serving them (institutional investors) throughout the traditional financial ecosystems and digital assets that are converted present a really unique opportunity for us in the marketplace.”
The launch of the OTC swap of Hiddened Road in the US marks one of the first products that the firm has launched since the company entered a specific agreement that Ripple obtains.
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Not -long then the deal was announced, Hidden Road has received a broker-dealer license From the Financial Industry Regulatory Authority, a private US corporation and self-regulatory organization that controls members of the member’s brokerage and market exchange.
The hidden road is also known as one of the first companies to receive a crypto-assets (MICA) license market in Europe, immediately after the The plot enters with full force on December 30, 2024. The Dutch authority for financial markets announced The obtaining a license on January 30.
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