What to Know:
- Ripple has finalized its acquisition of Hidden Road, now named Ripple Prime.
- This positions Ripple as the first crypto firm to own a global, multi-asset prime broker.
- The move is expected to enhance institutional access to digital assets and boost XRP utility.
Ripple has officially completed its acquisition of Hidden Road, rebranding it as Ripple Prime, marking a significant expansion of its institutional services. This strategic move positions Ripple as the first cryptocurrency company to own and operate a global, multi-asset prime brokerage. The acquisition aims to bridge the gap between traditional finance and digital assets, offering institutional clients advanced services at scale.
Since announcing the acquisition, Ripple Prime has experienced threefold business growth, indicating strong market demand for its services. This acquisition represents Ripple’s fifth major expansion in the past two years, showcasing its commitment to diversifying its offerings and solidifying its market position. These strategic moves signal Ripple’s intent to establish a comprehensive ecosystem for digital asset management and trading.
Ripple President Monica Long highlighted the expansive opportunities now available to Ripple Prime, particularly regarding the use of XRP. With RLUSD already utilized as collateral for prime brokerage products, Ripple Prime is exploring various ways to integrate XRP, suggesting a bright future for both assets. The integration of Ripple’s existing infrastructure, including crypto custody, stablecoins, and XRP, is anticipated to enhance the services offered within Ripple Prime.
Ripple Prime is expected to boost the utility and expand the reach of Ripple’s USD stablecoin, RLUSD. The integration of RLUSD as a collateral option for derivatives customers is anticipated to grow in the coming months. This strategic integration of XRP and RLUSD within Ripple Prime underscores Ripple’s commitment to fostering a comprehensive and interconnected ecosystem for digital assets.
This acquisition marks a pivotal moment for Ripple, solidifying its position as a leading player in the evolving landscape of digital finance. By providing institutional clients with comprehensive prime brokerage services, Ripple is poised to accelerate the adoption of digital assets and drive innovation in the financial industry. The integration of XRP and RLUSD within the Ripple Prime platform is expected to further enhance their utility and expand their reach.
Source: Original article
