Crypto firm Ripple to buy primer broker Hidden Road for $1.25 billion
Jakub Porzycki | Nurphoto | Getty Images
Ripple on Tuesday said that it’s agreed to buy prime brokerage firm Hidden Road for $1.25 billion, in the crypto startup’s biggest acquisition to date.
Founded in 2018, Hidden Road offers clearing, prime brokerage and financing services across foreign exchange, digital assets, derivatives, swaps and fixed income. It currently clears more than $3 trillion annually across markets with over 300 institutional customers, including hedge funds.
The acquisition marks one of the largest deals in the digital asset space to date, topping Stripe’s $1.1 billion February deal to buy Bridge, a platform that makes it easier for businesses to take payment via stablecoins.
Ripple CEO Brad Garlinghouse said the deal…
