- Ripple finalizes the takeover of non-bank prime broker Hidden Road and renames it Ripple Prime.
- The company says it is the first crypto firm to own and run a multi-asset prime broker spanning crypto, derivatives, FX and fixed income.
- The $1.25B deal announced in April has seen activity at Ripple Prime triple, with more client growth expected.
- Ripple plans blockchain integration and greater RLUSD use, while expanding via acquisitions of GTreasury, Rail, Standard Custody and Metaco.
In a move that pushes its institutional strategy forward, Ripple has completed the purchase of non-bank prime broker Hidden Road and rebranded the unit as Ripple Prime. The transaction is being framed as one of the company’s most significant to date, widening its scope beyond crypto-only services into a broader multi-asset prime brokerage footprint.
According to the company, Ripple now claims to be the first crypto firm to own and operate a multi‑asset prime broker, with coverage that includes clearing, financing and brokerage across cryptoassets, derivatives, swaps, foreign exchange and fixed income for institutional customers.
Deal scope and immediate traction
The acquisition was announced in April at $1.25 billion, and Ripple says commercial activity on Ripple Prime has already grown roughly threefold since that announcement. The firm added on Friday that it expects further momentum from both new and existing institutional clients.
This pivot is part of a wider industry trend that links traditional finance with digital assets, where crypto-native providers help banks and large enterprises handle cross‑border transactions and related financial operations through blockchain-enabled rails. Ripple positions the deal as a bridge that tightens those connections.
Blockchain rails and the role of RLUSD
Looking ahead, Ripple plans to integrate blockchain capabilities directly into Ripple Prime to streamline operational workflows and drive cost efficiencies over time. The buildout is intended to align prime brokerage tooling with on-chain processes where it makes sense for institutional users.
The company expects its Ripple USD (RLUSD) stablecoin to play a key role in that transition. Ripple notes that some derivatives clients are already choosing to hold balances in RLUSD, and that the stablecoin is being used as collateral across several prime brokerage products.
Ripple also points to its broader stack—spanning payments, crypto custody, stablecoins and the use of XRP—as complementary infrastructure that will underpin services offered within Ripple Prime as the platform matures.
Broader acquisition streak
Alongside the Hidden Road deal, Ripple has been active on the M&A front. Recent transactions include the purchase of treasury management provider GTreasury and the Rail payments platform powered by stablecoins, following earlier acquisitions of Standard Custody (June 2024) and Metaco (June 2023). In total, that amounts to six strategic deals in about 28 months to deepen its institutional product set.
As with any rapid expansion, market participants will watch how Ripple balances growth with risk controls. The firm emphasizes it aims to serve institutional clients across assets while aligning operations with the regulatory and compliance expectations typical of traditional prime brokerage.
Note: The information provided here is for general informational purposes only and should not be considered financial or investment advice. Markets involve risk, and readers should conduct their own research before making decisions.
The Hidden Road acquisition and the Ripple Prime rebrand signal a step-change for Ripple’s institutional ambitions: a multi‑asset prime broker under its umbrella, early traction since the $1.25B announcement, plans to embed blockchain rails and elevate RLUSD utility, and a series of complementary acquisitions that expand its infrastructure beyond a crypto‑only niche.
