Ripple Acquires Prime Broker Hidden Road For $1.25 Billion

Ripple, the blockchain firm behind XRP (CRYPTO: XRP), has signed an agreement to acquire prime brokerage firm Hidden Road in a deal valued at $1.25 billion.

The acquisition represents Ripple’s most significant move yet to expand its offerings for institutional clients, according to CEO Brad Garlinghouse.

What Happened: Speaking to Fortune, Garlinghouse emphasized the importance of building a stronger foundation to support demand from major financial institutions.

“To serve the biggest global players, Ripple must offer infrastructure that meets institutional standards,” he noted.

The transaction includes a mix of cash, XRP tokens and equity, and is expected to close in the coming months, pending regulatory sign-off.

Hidden Road’s founder, Marc Asch, will continue to lead the firm under Ripple’s umbrella, assuming control of the prime brokerage division.

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