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Ripple says it has officially acquired the non-bank prime broker Hidden Road, transforming it into Ripple Prime.
The move positions Ripple as the first cryptocurrency firm to operate a global, multi-asset prime brokerage.
The platform is designed to give institutions access to seamless clearing, financing and trading in FX, digital assets, derivatives, swaps, and fixed income, all under one roof.
Since Ripple’s initial announcement earlier this year, the firm says Ripple Prime’s business has tripled.
Ripple says it plans to make its stablecoin RLUSD a key beneficiary, using it as collateral for prime products, with BNY Mellon poised to become the asset’s primary reserve custodian.
The acquisition marks Ripple’s fifth major buy in two years, including GTreasury for treasury management last week, Rail’s $200 million stablecoin payments platform in August 2025, Standard Custody in June 2024 and Metaco in May 2023.
