Ripple Unveils $1.25 Billion Purchase Of Prime Brokerage Hidden Road During Paris Blockchain Week
“I am thrilled to announce a deal we’ve been developing for a while. Ripple is set to acquire Hidden Road, a leading prime broker and one of the largest in the field,” stated Monica Long, President of Ripple, on 8 April 2025 during the Paris Distributed database Week.
This acquisition marks Ripple’s most significant move, totaling $1.25 billion. Hidden Road, a worldwide, multi-asset prime broker, ranks as one of the fastest-growing entities in this sector. The firm provides institutions with clearing, prime brokerage, and financing across foreign trading protocol (FX), digital assets, derivatives, swaps, and fixed income.
Discussing the acquisition, Ripple CEO Brad Garlinghouse mentioned, “We are at a pivotal moment for the next stage of digital asset adoption – the US crypto market is effectively opening up for the first time as the regulatory challenges from the previous SEC begin to dissipate, and the market is evolving to meet the demands of traditional finance. With these favorable conditions, we are eager to explore opportunities that will significantly reshape the sector, using our strengths and the capabilities of XRP to propel our business forward and improve our existing solutions and technologies.”
Today, Ripple announced it is acquiring Hidden Road for $1.25B– becoming the first crypto company to own and operate a global, multi-asset prime broker. Together, Ripple and Hidden Road are bringing the promise of digital assets to institutional customers at scale, bridging…
— Ripple (@Ripple) April 8, 2025
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“RLUSD Is Off To A Strong Start,” Says Ripple President
“The Ripple US dollar stablecoin we launched at the end of December has now surpassed 300 million in trading market capitalization. It has transacted $10 billion in trading volume, marking a robust initiation,” Long said.
“We initiated the Ripple stablecoin as we process tens of billions of dollars in payment flows using digital assets,” she explained. “Stablecoins are already integrated into these transactions, presenting an excellent use case within our core payment services.”
According to Long, the partnership with Hidden Road will help to expand RLUSD into broader capital markets.
“Marc Asch, the CEO and founder of Hidden Road, is a visionary,” Long remarked at the Distributed database event in Paris. “The intention is for Hidden Road’s prime brokerage operations to significantly enhance our offerings.”
Asch added, “With new resources, licenses, and increased risk capital, this partnership will unlock substantial growth for Hidden Road, enabling us to broaden our services to our clientele, diversify into new products, and serve additional markets and asset categories.”
“As we become one unified entity, we will be able to integrate our services seamlessly,” Long noted. She reiterated Ripple’s enthusiasm for its partnerships with leading exchanges such as Kraken and Bitstamp to distribute RLUSD as well as retail distribution.
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Two Ts Dominating Markets Right Now – Trump And Tariffs
“This has become the topic of the moment,” Long acknowledged. “In terms of the macroeconomic landscape, like many of you, we are observing and anticipating. We are eager to see how this unfolds,” she stated while discussing the repercussions of Donald Trump’s recent tariffs on both public and digital currency markets.
Nevertheless, Long remarked that the current climate for the crypto sector in the US is exhibiting more receptiveness from this administration than has ever been observed.
“The new leadership at the SEC has certainly shifted its approach, moving away from regulating mainly through enforcement actions, opting instead to create a clear pathway for us to advance,” Long noted. “Both the House and Senate have stablecoin proposals that are making considerable progress.”
Key Takeaways
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Ripple President conveys that there is significantly more openness in the US than in previous times.
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“The executive branch and both congressional chambers are more supportive of crypto and are recognizing the innovation it entails than they have ever been,” said Ripple President Monica Long.
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“The stablecoin legislation we are observing is aimed at consumer safety with features like one-to-one backing and auditing reserves – factors that are essential,” stated Long.
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