In a landmark deal for the crypto industry, Ripple announced on April 8 that it has acquired global prime broker Hidden Road for $1.25 billion, solidifying its position as the first cryptocurrency company to own and operate a multi-asset global prime brokerage platform. The acquisition marks a strategic milestone, enabling Ripple to bridge the gap between traditional finance and digital assets.
Hidden Road, known for clearing over $3 trillion annually across various markets and serving more than 300 institutional clients, will now operate under Ripple’s umbrella — a move CEO Brad Garlinghouse described as a “once-in-a-lifetime opportunity.”
Ripple Taps Traditional Markets With XRP and RLUSD Integration
Garlinghouse emphasized that the acquisition goes beyond its billion-dollar price tag, signaling a new era for digital finance. “This deal unlocks access to the most trusted and capital-rich traditional markets. It’s an inflection point for crypto adoption,” he stated.
Under Ripple’s ownership, Hidden Road will begin clearing trades via the XRP Ledger (XRPL), enabling near-instant and low-cost value transfers that outperform traditional fiat settlement rails. Additionally, Ripple’s stablecoin RLUSD will serve as collateral in prime brokerage operations, spanning cross-asset crypto and traditional financial instruments.
“With Ripple’s robust balance sheet backing it, Hidden Road is poised to become the largest non-bank prime broker globally,” Garlinghouse added.
Regulatory Shift and Market Timing
Ripple’s move comes amid what Garlinghouse called the “first real opening” of the U.S. market, following the fading regulatory overhang left by previous SEC leadership. However, despite the momentum, the firm has reportedly shelved its plans for an initial public offering for now.
XRP Price Falls Despite Milestone Announcement
Surprisingly, XRP’s price fell by around 10% following the announcement, but the decline is widely attributed to broader market turbulence rather than the acquisition itself. XRP dropped from just under $2 to around $1.73 during early Asian trading hours on Wednesday, part of a wider crypto sell-off.
The broader cryptocurrency market has shed more than 7% on the day, reacting to escalating global economic tensions triggered by President Donald Trump’s aggressive trade war. His administration’s latest wave of tariffs — including a staggering 104% duty on Chinese imports — has pushed investors away from risk assets.
Despite the short-term drop, XRP remains one of the better-performing digital assets of 2025, even after shedding nearly 50% from its January peak.
