Ripple has officially completed its acquisition of Hidden Road, a leading global non-bank prime broker, rebranding it as Ripple Prime in a move that marks one of the company’s most ambitious steps into institutional finance. The acquisition makes Ripple the first crypto company to own and operate a multi-asset prime brokerage platform, bridging traditional finance with digital asset markets at scale.
Ripple Prime will provide institutional clients with prime brokerage, clearing, and financing services across multiple asset classes, including 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, underscoring 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 and Hidden Road share a global mindset and a deep commitment to technological excellence and risk management,” said Ripple CEO Brad Garlinghouse, highlighting 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 boosts Ripple’s growing stablecoin ecosystem, particularly RLUSD, which is already being used as collateral for derivatives and prime brokerage products. RLUSD’s reputation for transparency, governance, and asset backing, rated ‘A’ by Bluechip, has made it a trusted stablecoin for institutional use. Ripple recently named BNY as RLUSD’s primary reserve custodian, reinforcing its compliance-first approach.
Ripple Prime plans to leverage blockchain infrastructure to streamline trading operations, enhance liquidity, and optimize settlement costs for institutional clients.
The deal follows a series of high-profile acquisitions by Ripple, including GTreasury (October 2025), Rail (August 2025), Standard Custody (June 2024), and Metaco (May 2023). Collectively, these moves reflect Ripple’s transformation into a full-spectrum financial infrastructure provider, combining crypto-native technology with the rigor of traditional financial systems.
With Ripple Prime, the company is now positioned to bridge digital assets and institutional finance, expanding the real-world utility of XRP and solidifying Ripple’s foothold in the evolving multi-asset financial landscape.
