Ripple deploys $1.25bn to become first crypto company with global broker – DL News
- Ripple completed its $1.25 billion acquisition of Hidden Road.
- The rebranded Ripple Prime has grown 3x since the deal was announced.
- RLUSD stablecoin is now used as collateral for prime brokerage products.
Ripple, the developer of cryptocurrency XRP, just became the first crypto company to own a global prime broker.
The firm completed its $1.25 billion acquisition of Hidden Road, a non-bank prime broker. The platform, now rebranded as Ripple Prime, will offer institutions clearing, prime brokerage, and financing across foreign exchange, digital assets, derivatives, swaps, and fixed income.
Since Ripple first announced the deal back in April, Ripple Prime’s business has grown threefold, said the firm.
Owning a prime broker signals that…
