Ripple, a digital asset infrastructure firm based in San Francisco, announced Monday it will acquire global prime brokerage Hidden Road for $1.25 billion, marking one of the largest acquisitions in the cryptocurrency industry to date.
The deal positions Ripple as the first cryptocurrency company to own and operate a global, multi-asset prime brokerage platform, expanding its institutional offerings amid growing demand for integrated digital and traditional financial services. The acquisition is pending regulatory approval and is expected to close soon.
Founded in 2018, Hidden Road offers clearing, financing, and brokerage services across asset classes, including foreign exchange, digital assets, derivatives, and fixed income. The company reports annual clearing volumes of $3 trillion and serves over 300 institutional clients worldwide.
Today, Ripple announced it is acquiring Hidden Road for $1.25B– becoming the first crypto company to own and operate a global, multi-asset prime broker. Together, Ripple and Hidden Road are bringing the promise of digital assets to institutional customers at scale, bridging…
— Ripple (@Ripple) April 8, 2025
Institutional Integration and Regulatory Shift
Ripple executives cited increasing institutional interest and evolving regulatory conditions in the U.S. as key factors driving the acquisition. Brad Garlinghouse, Ripple’s CEO, said the move comes at a time when regulatory uncertainties are easing.
The acquisition will enable Ripple to integrate Hidden Road’s services with its blockchain technology, particularly the XRP Ledger (XRPL), which will be used for post-trade processing. Ripple also plans to expand Hidden Road’s capacity by leveraging its financial resources, aiming to position it as the largest non-bank prime broker globally.
Hidden Road’s founder and CEO, Marc Asch, said the acquisition provides additional capital, licenses, and resources to grow the business. “We’re looking to broaden our product set and reach new markets,” Asch said
Stablecoin and Blockchain Integration
As part of the deal, Hidden Road will use Ripple’s USD-backed stablecoin, RLUSD as collateral within its brokerage operations. This will support cross-margining between digital and traditional financial assets, according to the companies.
Ripple also expects the acquisition to enhance its Ripple Payments product by optimizing cost and liquidity in cross-border transactions. In addition, Ripple plans to extend digital asset custody services to Hidden Road’s clients, reflecting increased demand for bank-grade digital custody in institutional finance.
Ripple has maintained a presence in the digital asset industry for over a decade and holds more than 60 regulatory licenses globally. It previously participated in Hidden Road’s Series B funding round and is currently a client of the platform.
The acquisition underscores a broader trend of consolidation in the digital asset spa
