Ripple's Strategic Acquisition and New Service Launch
Ripple has officially revealed the strategic reason behind its acquisition of Hidden Road earlier this year, launching an innovative new service. After sidestepping legal battles with the SEC, Ripple made significant strides by acquiring three companies for a total of $2.5 billion, the largest of which was Hidden Road for $1.25 billion. Today, the logic behind this acquisition was publicized alongside a new product announcement.
Ripple's Breaking Announcement and XRP Price Surge
The price of XRP Coin surged to $2.48 following the announcement of Ripple’s new product. This development is expected to bolster the XRP Coin price both in the medium and long term. In a statement made on Ripple’s official account just moments ago, the company declared, “We are excited to introduce Ripple Prime: announcing the official completion of the Hidden Road acquisition, thus establishing Ripple as the first crypto company to own and operate a global, multi-asset prime broker.”
Hidden Road's Transformative Role and Ripple Prime Integration
Hidden Road offers advanced services such as clearing, prime brokerage, and financing to institutions in the fields of FX, crypto assets, derivatives, swaps, and fixed income securities. Today, this acquisition has been officially completed, transforming Hidden Road into Ripple Prime. With this year’s acquisition, Hidden Road’s business had already tripled in size. Under Ripple’s umbrella, asset management and brokerage services will now be provided, further expanding Ripple’s horizons.
“Ripple Prime will significantly enhance the utility and reach of Ripple’s stablecoin, RLUSD. Today, RLUSD is being used as collateral for a variety of prime brokerage products. Some derivative clients prefer to keep their balances in RLUSD and this number is expected to grow significantly in the coming months.”