Prime brokerage Hidden Road has been officially rebranded to “Ripple Prime,” according to a Friday announcement. The rebranding comes after Ripple officially acquired the company.
Hidden Road founder Marc Asch will be working together with Ripple CEO Brad Garlinghouse, the announcement says.
Because of the acquisition, which was first announced in April, Ripple has become the first company to operate a global prime broker.
Ripple Prime will leverage the company’s existing infrastructure to make it less challenging for institutional players to adopt crypto. This infrastructure, of course, includes the XRP token, which is one of the largest altcoins by market cap.
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Notably, Ripple’s highly regulated RLUSD stablecoin will be utilized as collateral for prime brokerage products.
Impressive acquisition spree
After wowing the industry with the $1.25 billion Hidden Road deal, Ripple expanded its acquisition spree.
Later, it bought stablecoin infrastructure platform Rail for a total of $200 million.
As reported by U.Today, the San Francisco-headquartered company also recently acquired GTreasury for roughly $1 million.
Michael Arrington of Arrington Capital claims that Hidden Road might be Ripple’s best acquisition to date.
Source: https://u.today/breaking-ripple-prime-officially-introduced