Overview
- Ripple completed the roughly $1.25 billion purchase of prime broker Hidden Road and relaunched the business as Ripple Prime.
- The company says activity at the unit has tripled since April and that it now serves 300+ institutional clients with more than $3 trillion cleared across markets.
- Ripple positions Ripple Prime as a global multi-asset prime brokerage covering digital assets, FX, exchange-traded derivatives, OTC swaps, fixed income, repo and precious metals.
- Some clients already hold balances in Ripple’s RLUSD stablecoin and use it as collateral, with BNY Mellon named as primary reserve custodian and Bluechip citing an “A” rating in 2024.
- Integration is underway with Hidden Road founder Marc Asch working alongside CEO Brad Garlinghouse, and the companies say certain post-trade functions are planned to migrate onto XRPL.