San Francisco-based fintech company Ripple has completed its acquisition of Hidden Road, a leading non-bank prime broker. The $1.25 billion acquisition deal, first announced earlier this year, marks a pivotal expansion for Ripple, propelling the company to become the first crypto enterprise to own and operate a global, multi-asset prime brokerage.
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
Hidden Road to Operate as Ripple Prime
Hidden Road, renowned for its fast growth and comprehensive range of institutional services, now operates under the name Ripple Prime. This transition brings Ripple to the forefront of institutional adoption. It also offers a one-stop shop for advanced services, including clearing, prime brokerage, and financing across a broad array of asset classes, including foreign exchange (FX) and digital assets.
Since Ripple first announced the acquisition, Ripple Prime (formerly Hidden Road) has experienced a remarkable surge. According to the announcement, its business has grown threefold ever since.
With further expansion anticipated, Ripple Prime is poised to scale its operations, offering both new and existing institutional customers enhanced capabilities for engaging with digital assets.
Reason Behind the Acquisition
Notably, the rationale behind the acquisition lies in the strong relationship between Ripple’s established blockchain infrastructure and Hidden Road’s prime brokerage services.
The fintech company’s foundational offerings, including payment systems, crypto custody solutions, stablecoin services, and XRP use, provide a solid foundation for Ripple Prime’s multi-asset capabilities.
Together, the combined entity is positioned to deliver a comprehensive suite of institutional-grade services that will streamline the adoption of digital assets at scale.
Ripple has long been a pioneer in the blockchain and cryptocurrency space, and Ripple Prime represents a logical extension of its commitment to bridging the gap between traditional finance and digital assets. In the future, Ripple Prime plans to leverage blockchain technology to further optimize operations, reduce costs, and enhance service efficiency for institutional clients.
RLUSD Stablecoin Gains Traction
Meanwhile, Ripple’s RLUSD stablecoin stands out as a critical asset in Ripple Prime’s offerings. RLUSD has already gained significant traction as collateral for various prime brokerage products. Several derivative customers have chosen to hold their balances in RLUSD, with the announcement noting that this trend could skyrocket in the coming months.
The stablecoin’s commitment to robust regulatory compliance has made it a trusted option among institutional clients, who rely on it for stability and transparency. According to Ripple, RLUSD received an ‘A’ rating from Bluechip in July, ranking it as the number one stablecoin in terms of stability, governance, and asset backing.
Ripple’s Expanding Portfolio of Acquisitions
The acquisition of Hidden Road marks another milestone in Ripple’s broader strategy of strengthening its capabilities to serve institutional clients.
This acquisition is part of a series of major investments by Ripple over the past two years, including the purchase of GTreasury, a treasury management system provider, earlier this month. Other notable acquisitions include stablecoin-powered payment platform Rail, Standard Custody, and Metaco.
Evans Kelvin
Brenda Kanana
