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.
“The price tag isn’t what’s most important,” Ripple CEO Brad Garlinghouse said on X. “This deal marks a once-in-a-lifetime opportunity for crypto to access the largest and most trusted traditional markets.”
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:
- ⏱ Faster settlement (bypassing fiat rails).
- 🔐 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.
“Hidden Road will use XRPL for clearing trades and RLUSD as collateral across services,” Garlinghouse confirmed.
Today, @Ripple announced the acquisition of Hidden Road for $1.25B, one of the largest deals ever in the crypto space. But the price tag isn’t what’s most important – it’s that this deal marks a once-in-a-lifetime opportunity for crypto to access the largest and most trusted…
— Brad Garlinghouse (@bgarlinghouse) April 8, 2025
Today, @Ripple announced the acquisition of Hidden Road for $1.25B, one of the largest deals ever in the crypto space. But the price tag isn’t what’s most important – it’s that this deal marks a once-in-a-lifetime opportunity for crypto to access the largest and most trusted…
— Brad Garlinghouse (@bgarlinghouse) April 8, 2025
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.
“We’re not constrained by liquidity, so an IPO isn’t necessary right now. Our focus is on strategic growth through M&A,” 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.
“We are at an inflection point,” said Garlinghouse. “The U.S. market is finally open after years of SEC overreach. We're ready to transform digital assets with real-world utility.”
Hidden Road CEO Marc Asch echoed the optimism:
“This deal will allow us to expand our product offering, serve more markets, and significantly scale our business.”
