Ripple completes acquisition of Hidden Road, which is now renamed Ripple Prime

Foresight News reported that Ripple has announced the completion of its acquisition of Hidden Road, which has now been renamed Ripple Prime. Previously, Hidden Road provided institutions with clearing, prime brokerage, foreign exchange (FX), digital assets, derivatives, swaps, and fixed income financing services. This acquisition will make Ripple a cryptocurrency company that owns and operates a global multi-asset prime brokerage. Since the announcement of the acquisition, Ripple Prime's business has grown threefold, and further growth is expected.

Ripple Prime will enhance the utility and coverage of Ripple's stablecoin RLUSD. Currently, RLUSD has been used as collateral for various prime brokerage products. Some derivatives clients have chosen to hold RLUSD.

According to previous Foresight News reports, Ripple announced in April this year that it would acquire the crypto-friendly prime broker Hidden Road for $1.25 billion, aiming to expand its services for institutional investors.