Ripple Prime Launched After Hidden Road Acquisition
Ripple has finalized its $1.25 billion acquisition of Hidden Road, rebranding it as Ripple Prime. This strategic move represents an unprecedented expansion into global multi-asset prime brokerage, as announced on October 24. The integration of Hidden Road's operations into Ripple Prime has resulted in a threefold increase in the business. This acquisition is set to significantly enhance the utility of Ripple's RLUSD stablecoin by integrating digital assets with traditional finance, marking a substantial step forward in the digital finance landscape.
Ripple completed the acquisition of Hidden Road, transforming it into Ripple Prime. Previously, Hidden Road offered a comprehensive suite of services including clearing, prime brokerage, foreign exchange (FX), digital assets, derivatives, swaps, and financing. Ripple's objective is to seamlessly integrate these established operations into a broader cryptocurrency ecosystem, leveraging Hidden Road's expertise and infrastructure.
Ripple Prime's business operations have experienced a threefold growth since the acquisition was initially announced. The firm anticipates continued expansion and an increased adoption of its stablecoin, RLUSD, within its prime brokerage products. This highlights the growing acceptance and integration of RLUSD in the evolving digital finance sector.
Ripple's acquisition of Hidden Road distinguishes it as the pioneer crypto company operating a global multi-asset prime broker, marking a significant milestone in the integration of digital assets into traditional finance.
XRP Market Data and Expert Insights
According to CoinMarketCap, XRP is currently trading at $2.51. Its market capitalization stands at $150,774,668,548, with a 24.27% increase in trading volumes over the past 24 hours. XRP's price has seen a 4.78% increase in the last 24 hours, although it has experienced a 21.05% decrease over the last 90 days.
Coincu Research emphasizes that this acquisition significantly enhances Ripple's credibility within traditional finance circles. Ripple's strategic move is expected to accelerate the regulatory acceptance of digital assets and foster greater technological collaboration between digital and conventional asset markets.