Ripple (XRP) News: $1.25 Billion Deal for Hidden Road

Ripple Acquires Prime Broker Hidden Road for $1.25 Billion, Adding to Institutional Momentum

Additionally, the deal is expected to boost Ripple's ambitions in the stablecoin space.

Will Canny | Edited by Stephen Alpher on April 8, 2025, 12:45 PM

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Key points:

  • Ripple has agreed to acquire prime broker Hidden Road for $1.25 billion.
  • Last week, CoinDesk reported that Hidden Road was in takeover talks.

Ripple has agreed to acquire multi-asset brokerage Hidden Road for $1.25 billion, marking one of the largest mergers and acquisitions in the digital asset space to date.

CoinDesk reported that Hidden Road was actively discussing a possible takeover last week.

A press release announcing the deal said Hidden Road operates across FX, derivatives, digital assets and fixed income markets annually, serving more than 300 institutional clients.

The terms of the deal's financing were not disclosed in the announcement.

“With the opening of the U.S. market and the maturation of digital assets for institutional adoption, we are on the cusp of significant change,” said Ripple CEO Brad Garlinghouse.

“We are accelerating our expansion using XRP and our broader solutions to integrate traditional finance and cryptocurrency,” he added.

Ripple said it intends to invest new capital in Hidden Road to expand its clearing, brokerage and financing operations, aiming to make the company the largest non-bank prime broker in the world.

The deal also highlights Ripple’s ambitions in the stablecoin space. Hidden Road will use Ripple’s U.S. dollar-backed stablecoin, RLUSD, as collateral on its main brokerage platform. This makes RLUSD the first stablecoin to provide effective cross-margining between traditional and digital asset markets, Ripple claims.

Hidden Road also plans to migrate its post-trade operations to the XRP Ledger (XRPL), in an effort to reduce costs and streamline settlement processes. Ripple expects this move to further showcase XRPL as a blockchain optimized for institutional DeFi use cases.

Ripple, which participated in Hidden Road’s Series B round and was a client of its platform, said the deal is expected to close in the coming months, pending regulatory approval. The company currently holds more than 60 regulatory licenses worldwide.

More info: Crypto-friendly prime broker keeps its position under wraps in active takeover talks: sources

Disclaimer: Portions of this article were generated by AI tools and reviewed by our editorial team to ensure accuracy and adhere to our standards. For more information, see CoinDesk's full AI policy.

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