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In a move signaling its growing ambitions beyond payments, Ripple has agreed to acquire prime brokerage firm Hidden Road for $1.25 billion, marking one of its most significant deals to date.
The acquisition, confirmed earlier this week, positions Ripple squarely in the institutional trading arena, adding deep liquidity, prime brokerage services, and infrastructure capabilities to its expanding portfolio.
Hidden Road, a relatively under-the-radar but high-impact player in institutional finance, offers digital asset and FX prime brokerage services. The firm has built a strong reputation for risk management and compliance—traits increasingly valued in the evolving crypto-financial landscape.
“This acquisition represents a strategic leap forward,” said Ripple CEO Brad Garlinghouse. “With Hidden Road’s infrastructure and expertise, we’re building a more complete financial ecosystem for institutions engaging in digital assets.”
The $1.25 billion deal is Ripple’s largest since its legal battles with the SEC began in 2020. Now, with legal clarity seemingly within reach and XRP’s market position stabilizing, Ripple is shifting gears—from defending its place in the crypto industry to actively expanding it.
Why It Matters
The acquisition opens the door for Ripple to offer services well beyond cross-border payments. Hidden Road’s capabilities allow Ripple to serve hedge funds, trading firms, and institutional investors looking for seamless access to crypto markets. It also positions Ripple as a more direct competitor to players like Galaxy Digital, Coinbase Prime, and FalconX.
The move reflects a broader trend of convergence between traditional finance and crypto infrastructure, especially as institutions show increased appetite for digital assets.
The deal is expected to close in Q3 2025, pending regulatory approval. Ripple has indicated that Hidden Road will retain its operational autonomy in the near term, but synergies between the two firms will gradually come into play—especially in areas like liquidity provisioning, settlement, and compliance tech.
As the lines blur between fintech and traditional finance, Ripple’s Hidden Road acquisition could be the trailblazing deal that maps out a new frontier for crypto-integrated financial services.
