Blockchain-based payments network Ripple announced it has acquired crypto-friendly prime broker Hidden Road in one of the largest mergers in the cryptocurrency industry to date.
Ripple is acquiring Hidden Road in a $1.25 billion deal, the company officially announced on April 8.
The deal will make Ripple the first crypto firm to own and operate a global, multi-asset prime broker. According to the company’s April 8 announcement, the acquisition is expected to position Ripple as the world’s largest non-bank prime broker, with Hidden Road currently clearing more than $3 trillion across more than 300 institutions.
The acquisition also aims to reinforce the position of Ripple USD (RLUSD), an institution-focused stablecoin launched by Ripple in December 2024.
Ripple has been a Hidden Road customer for years
Ripple has been a customer of Hidden Road for years and “knows their breadth of expertise firsthand,” Ripple CEO Brad