Blockchain payments company Ripple has expanded its services to include digital asset spot prime brokerage for US markets, approximately seven months after announcing plans to acquire Hidden Road.
In a notice, Ripple stated that its US-based institutional clients would now be able to execute over-the-counter (OTC) spot transactions across multiple cryptocurrencies. The launch of this service followed Ripple’s acquisition of crypto-friendly prime broker Hidden Road, a deal valued at $1.25 billion that was initially disclosed in April and finalized in October.
Michael Higgins, international CEO of Ripple Prime and a former Hidden Road executive, commented, "The launch of OTC spot execution capabilities complements our existing suite of OTC and cleared derivatives services in digital assets and positions us to provide US institutions with a comprehensive offering to suit their trading strategies and needs."
Through the acquisition of Hidden Road, Ripple is now positioned to act as a multi-asset prime broker for crypto traders. This allows them to offer cross-margin OTC spot transactions and holdings, in addition to OTC swaps and CME futures and options. This expansion announcement coincided with Ripple preparing to host its annual Swell conference in New York City.
According to data from Nansen, the price of XRP (XRP) had fallen by about 5% over the 24 hours prior to publication, decreasing from $2.50 to $2.37.
Ripple's Continued Influence in US Politics and Policy
Some executives at Ripple, including CEO Brad Garlinghouse, have cultivated close relationships with the current White House administration.
In October, a representative from Ripple attended a White House fundraising event. This event was for a proposed 90,000-square-foot ballroom initiative by US President Donald Trump, first announced in July. The project, now estimated by Trump to cost $350 million, led to the demolition of the White House's historic East Wing.
The company has also provided support for the political action committee (PAC) Fairshake. This PAC is believed to have played a significant role in helping to elect numerous candidates considered favorable to cryptocurrency policies during the 2024 US elections.