Overview
- Ripple finalized the purchase of non-bank prime broker Hidden Road and rebranded the business as Ripple Prime.
- With the closing, Ripple becomes the first cryptocurrency company to own and operate a global multi-asset prime brokerage.
- Ripple plans to link payments, crypto custody, XRP, and its RLUSD stablecoin to Ripple Prime’s services across FX, derivatives, fixed income, and digital assets.
- RLUSD is already being used as collateral by some clients and by derivatives customers, with reserves held by BNY Mellon and an “A” rating from analytics firm Bluechip.
- Ripple reports business activity at the unit has roughly tripled since the deal was announced, and founder Marc Asch is working with CEO Brad Garlinghouse as integration proceeds; the move follows acquisitions of Metaco, Standard Custody, Rail, and GTreasury.