Ripple Acquires Hidden Road for $1.25 Billion to Build Institutional Crypto Infrastructure

Prime brokers integrate trading, clearing, financing and risk management, making them key gateways for institutional capital entering multiple markets. By acquiring global multi-asset prime broker Hidden Road, Ripple aims to bring traditional finance standards for custody, settlement and risk controls to digital assets while connecting RLUSD with XRP Ledger infrastructure.

Ripple announced its $1.25 billion acquisition of Hidden Road on April 8, 2025. It completed the deal on October 24 and renamed the business Ripple Prime, which had grown threefold since the acquisition was announced. On November 3, Ripple Prime also launched digital-asset spot prime brokerage services in the United States, supporting dozens of assets including XRP and RLUSD.