Ripple-Acquired Hidden Road Launches OTC Crypto Swaps in the U.S. Amid Regulatory Review

• Hidden Road launches OTC crypto swaps for U.S. institutions under FCA oversight.
• Ripple’s $1.25B acquisition of Hidden Road still awaits regulatory approval.
• Hidden Road expands global reach with FINRA and MiCA licenses for institutional crypto access.

Prime brokerage firm Hidden Road has rolled out over-the-counter (OTC) crypto swaps for institutional clients in the United States, marking a key product launch following its acquisition agreement with Ripple. The move signals a push to address gaps in U.S. digital asset markets as Hidden Road expands access to cash-settled crypto instruments at a time of rising institutional interest.

The newly launched service will allow U.S.-based institutions to trade cash-settled OTC swaps across major cryptocurrencies. These instruments are provided by Hidden Road Partners CIV UK Ltd., the firm’s U.K.-regulated affiliate, which is overseen by the Financial Conduct Authority (FCA). 

BREAKING: @Ripple’s Hidden Road debuts OTC crypto swaps in the US! #XRP pic.twitter.com/2m8zQ164zU

— JackTheRippler © (@RippleXrpie) May 29, 2025

The product is intended to enable institutional players to manage exposure to digital assets without taking direct custody, an approach that aligns with increasing demand for risk-managed participation in crypto markets.

OTC swaps account for a major portion of global digital asset trading volume. However, access to such tools has remained limited for U.S. firms due to regulatory complexity. With this launch, Hidden Road seeks to close that gap by providing an alternative route for market exposure while awaiting domestic regulatory approval for the broader business.

Launch Follows $1.25B Ripple Acquisition Agreement

The product rollout comes weeks after Hidden Road entered a definitive agreement to be acquired by Ripple in a transaction valued at $1.25 billion. While the deal has not yet received regulatory clearance, it represents a major development in the convergence of blockchain-focused firms with traditional market infrastructure providers. The transaction is expected to be primarily cash-based, with part of the payment settled in XRP and Ripple equity.

Pending the completion of this deal, Hidden Road continues to operate as a standalone entity, expanding its service offerings. The firm previously received backing from major financial players, including Citadel Securities, which contributed to earlier funding rounds.

Market Infrastructure and Licensing Milestones

In preparation for broader U.S. operations, Hidden Road secured a broker-dealer license from the Financial Industry Regulatory Authority (FINRA), adding to its list of regulatory approvals. The license supports the firm’s goal of expanding market access while aligning with U.S. financial rules.

In Europe, the company was among the earliest recipients of a Markets in Crypto-Assets (MiCA) license following the implementation of the EU regulatory framework on December 30, 2024. The Dutch Authority for the Financial Markets confirmed the license issuance on January 30, 2025.

Hidden Road has indicated that interest from large financial institutions continues to grow, particularly in accessing digital assets through regulated, capital-efficient structures. Michael Higgins, the firm’s international CEO, noted last year that servicing clients across both traditional and digital asset markets reflects a structural shift in institutional finance.