4/9/2025Ā Ā |Ā Ā 2min read

Ripple to Acquire Hidden Road for $1.25B in Landmark Crypto Deal

Ripple Acquires Hidden Road in $1.25B Bid to Lead Global Crypto Prime Brokerage

Ripple has announced its $1.25 billion acquisition of Hidden Road, a crypto-friendly prime broker, in what ranks among the largest deals in crypto history. The move is set to make Ripple the first crypto firm to operate a global, multi-asset prime brokerage platform. Hidden Road currently clears over $3 trillion in annual trades for more than 300 institutional clients—a scale Ripple will now inherit. 

ā€œThe price tag isn’t what’s most important,ā€ Ripple CEO Brad Garlinghouse said on X. ā€œThis deal marks a once-in-a-lifetime opportunity for crypto to access the largest and most trusted traditional markets.ā€

XRP and RLUSD to Power Settlement Infrastructure

Ripple plans to integrate XRP Ledger (XRPL) and its stablecoin Ripple USD (RLUSD) into Hidden Road’s infrastructure. This will allow for:

  • ā± Faster settlement (bypassing fiat rails).
  • šŸ” Collateralizing prime brokerage trades using RLUSD.
  • 🌐 Greater adoption of Ripple-backed decentralized solutions.

Ripple has been a client of Hidden Road for years, making the acquisition both strategic and familiar.

ā€œHidden Road will use XRPL for clearing trades and RLUSD as collateral across services,ā€ Garlinghouse confirmed.

Ripple Doubles Down on M&A, Skips IPO for Now

At Paris Blockchain Week, Ripple President Monica Long clarified that Ripple is prioritizing mergers and acquisitions over going public.

ā€œWe’re not constrained by liquidity, so an IPO isn’t necessary right now. Our focus is on strategic growth through M&A,ā€ she explained.

This acquisition signals Ripple’s shift into traditional finance, leveraging its legal victories and SEC leadership changes under the Trump administration.

Crypto Meets Wall Street: Traditional Markets, Meet DeFi Rails 

This deal is more than just expansion—it’s about bridging crypto and legacy finance at scale. With regulatory roadblocks fading, Ripple is seizing the moment.

ā€œWe are at an inflection point,ā€ said Garlinghouse. ā€œThe U.S. market is finally open after years of SEC overreach. We're ready to transform digital assets with real-world utility.ā€

Hidden Road CEO Marc Asch echoed the optimism:

ā€œThis deal will allow us to expand our product offering, serve more markets, and significantly scale our business.ā€

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