Ripple Acquires Hidden Road for $1.25 Billion to Become Largest Non-Bank Prime Broker

Ripple has announced that it is acquiring prime brokerage firm Hidden Road for $1.25 billion. The deal is one of the largest mergers ever seen in the cryptocurrency industry and positions Ripple as the largest non-bank prime broker.

This is the first time a crypto company will own and operate a global, multi-asset prime broker—a business that helps institutional clients trade and settle assets such as currencies, stocks, or crypto.

Ripple Moves Into Prime Brokerage Space

Prime brokerage firms offer services like trade execution, lending, and asset custody to institutional investors. Hidden Road currently facilitates over $3 trillion in trading volume annually and works with more than 300 financial institutions. It is also known for being crypto-friendly, making it an attractive acquisition target for Ripple. The company plans to integrate Hidden Road’s operations with its own financial products, such as XRP and its new stablecoin, RLUSD.

Ripple launched its stablecoin RLUSD in December 2024. Stablecoins are digital tokens that are tied to a real-world currency, such as the U.S. dollar, to provide price stability. By acquiring Hidden Road, Ripple plans to expand the use of RLUSD across institutional financial markets.

Ripple also plans to use the XRP Ledger (XRPL)—its public decentralized blockchain—to help Hidden Road settle trades faster. Instead of using slow fiat systems, Hidden Road will start using XRPL to clear a portion of its trades. Hidden Road’s brokerage services will also use RLUSD as collateral.

A Longstanding Relationship Turned Strategic Deal

Ripple has been a customer of Hidden Road for several years. The two companies are already familiar with each other’s operations. Garlinghouse said this made the acquisition easier because Ripple already trusts Hidden Road’s expertise. 

He also emphasized that the real value of the deal isn’t just in the price tag, but in the opportunity to connect the crypto world with traditional financial markets. According to Garlinghouse, the merger reflects a “once-in-a-lifetime” opportunity to transform how financial markets operate using blockchain technology.

The acquisition comes at a time of major regulatory shifts in the United States. Garlinghouse noted that the U.S. digital asset market is entering a new phase. This is largely due to changes in SEC leadership and what he described as the end of a regulatory “overhang.”

Hidden Road’s founder and CEO, Marc Asch, said that joining Ripple will provide new resources, licenses, and capital needed to scale the business. He expects the deal will allow Hidden Road to serve more clients, expand into new financial products, and enter new markets.