 
 
Ripple, the blockchain infrastructure services firm whose founders created major crypto asset XRP, on Friday concluded a historic deal to acquire Hidden Road, becoming the first crypto-focused company to own a global multi-asset prime brokerage firm.
Ripple’s strategic move to expand its ecosystem is a major catalyst for XRP’s potential breakout, after the token has wilted below the psychological $3 milestone in recent weeks.
Hidden Road Rebranded To Ripple Prime
According to a Friday announcement, Hidden Road has been rebranded to Ripple Prime after Ripple officially acquired the crypto-friendly global credit network for $1.25 billion — marking one of the largest M&A deals in the digital asset industry to date.
Ripple Prime will leverage the company’s existing infrastructure to make it easier for institutional clients to adopt crypto. Ripple is also integrating its U.S. dollar-backed stablecoin, RLUSD, into Hidden Road, using the token as collateral across the company’s suite of brokerage services.
Hidden Road also intends to migrate its post-trade operations onto the XRP Ledger (XRPL) to reduce costs and streamline settlement processes.
 
“The synergies between the two businesses made this acquisition a logical next step to support institutional adoption of digital assets. Ripple’s foundational digital asset infrastructure across payments, crypto custody, and stablecoin, as well as the use of XRP, will complement the services offered within Ripple Prime,” the press release reads.
Established in 2018, Hidden Road provides financial services for institutional clients, including securities lending, cash management, custodial and settlement services, and transaction financing. The firm clears over $3 trillion per year across markets, according to its own data, with over 300 institutional clients.
XRP changed hands at around $2.50, a 4.5% gain over the past day, according to CoinGecko. The fifth-largest cryptocurrency has plunged 15.5% over the last month.
Ripple has been aggressively courting traditional finance companies, with Metaco and GTreasury being among other notable acquisitions. As the company continues strengthening its infrastructure and partnerships, increased adoption could boost demand, propelling XRP’s price beyond its current range.