Ripple has officially completed its acquisition of Hidden Road, a leading global non-bank prime broker, rebranding it as Ripple Prime. This move marks one of the company’s most ambitious steps into institutional finance, making Ripple the first crypto company to own and operate a multi-asset prime brokerage platform. This platform aims to bridge traditional finance with digital asset markets at scale.
Ripple Prime will offer institutional clients prime brokerage, clearing, and financing services across multiple asset classes. These include foreign exchange (FX), digital assets, derivatives, swaps, and fixed income. Since Ripple's initial announcement earlier this year, Ripple Prime’s business has tripled in volume, highlighting strong institutional demand for integrated crypto-financial solutions.
Introducing Ripple Prime: We’re pleased to share that our acquisition of Hidden Road is officially complete, making Ripple the first crypto company to own and operate a global, multi-asset prime broker – bringing the promise of digital assets to institutional customers at scale.…
— Ripple (@Ripple) October 24, 2025
Ripple CEO Brad Garlinghouse stated, "Ripple and Hidden Road share a global mindset and a deep commitment to technological excellence and risk management." He emphasized the companies’ aligned goals of driving institutional adoption of digital assets. Hidden Road founder Marc Asch will continue to lead operations alongside Ripple’s leadership team.
The integration also enhances Ripple’s growing stablecoin ecosystem, particularly RLUSD. RLUSD is already being utilized as collateral for derivatives and prime brokerage products. RLUSD's reputation for transparency, governance, and asset backing, rated ‘A’ by Bluechip, has established it as a trusted stablecoin for institutional use. Ripple recently appointed BNY as RLUSD’s primary reserve custodian, further reinforcing its compliance-first approach.
Ripple Prime intends to leverage blockchain infrastructure to streamline trading operations, improve liquidity, and optimize settlement costs for institutional clients.
This acquisition follows a series of significant acquisitions by Ripple. These include GTreasury (October 2025), Rail (August 2025), Standard Custody (June 2024), and Metaco (May 2023). Collectively, these strategic moves signify Ripple's evolution into a comprehensive financial infrastructure provider, merging crypto-native technology with the established practices of traditional financial systems.
With the introduction of Ripple Prime, the company is now strategically positioned to bridge digital assets and institutional finance. This expansion is expected to increase the real-world utility of XRP and solidify Ripple’s presence in the dynamic multi-asset financial landscape.