Ripple has completed its $1.25 billion acquisition of Hidden Road and launched Ripple Prime, marking a major move into institutional finance.
Quick Summary – TLDR:
- Ripple finalized the $1.25 billion purchase of Hidden Road, now rebranded as Ripple Prime.
- Ripple Prime becomes the first global, multi-asset prime brokerage operated by a crypto firm.
- XRP price surged 5 percent after the announcement, trading at around $2.50.
- Ripple’s stablecoin RLUSD will play a bigger role in prime brokerage offerings.
What Happened?
Ripple has officially closed its acquisition of Hidden Road, a fast-growing prime broker, and renamed it Ripple Prime. This move positions Ripple as the first cryptocurrency company to own and operate a global, multi-asset prime brokerage platform. The acquisition, initially announced in April 2025, was completed for $1.25 billion.
Introducing Ripple Prime: We’re pleased to share that our acquisition of Hidden Road is officially complete, making Ripple the first crypto company to own and operate a global, multi-asset prime broker – bringing the promise of digital assets to institutional customers at scale.…
— Ripple (@Ripple) October 24, 2025
A Strategic Leap into Institutional Finance
Ripple Prime is now set to become the backbone of Ripple’s institutional offering, delivering access to settlement, custody, trading, and financing services for large clients. These services span digital assets, foreign exchange, derivatives, fixed income, and swaps.
- Ripple Prime’s business has tripled in size since the deal was announced earlier this year.
- It’s seen as a core part of Ripple’s strategy to broaden the utility of XRP and accelerate the adoption of its stablecoin RLUSD.
- Ripple says it will continue integrating Ripple Prime over the coming months.
Ripple stated that its digital asset infrastructure across payments, custody, and stablecoins will enhance the new brokerage arm. The company aims to use blockchain tech to streamline operations and cut costs, all while offering institutions a more efficient gateway to financial markets.
RLUSD Gaining Traction Among Institutions
One major benefit of the acquisition is how it will strengthen the role of RLUSD, Ripple’s U.S. dollar-pegged stablecoin launched in late 2024. Institutions are already using RLUSD as collateral for brokerage products, and some derivatives clients are holding their balances directly in the stablecoin.
- RLUSD was recently ranked number one for stability and governance by Bluechip.
- BNY Mellon will serve as RLUSD’s primary reserve custodian.
- RLUSD adoption is expected to grow substantially in the months ahead.
Ripple believes this institutional trust will only deepen with the added credibility brought by the Hidden Road acquisition.
A Trail of Acquisitions
The Hidden Road deal is part of a broader acquisition spree by Ripple aimed at scaling its infrastructure. In just the past two years, Ripple has acquired:
- GTreasury (October 2025), a treasury management system provider, for $1 billion.
- Rail (August 2025), a stablecoin payments platform.
- Standard Custody (June 2024).
- Metaco (May 2023).
Ripple CEO Brad Garlinghouse recently emphasized that payments remain the core use case for blockchain and that Ripple’s acquisitions reflect a strategic alignment with this vision.
SQ Magazine’s Takeaway
I think this is a bold and smart move by Ripple. Taking over a global prime brokerage and turning it into Ripple Prime signals that Ripple isn’t just playing in the crypto sandbox anymore, it’s stepping into mainstream finance with real muscle. It’s also exciting to see how RLUSD and XRP are being positioned for broader institutional use. With BNY Mellon backing the stablecoin reserves and a rapidly expanding brokerage arm, Ripple is clearly gearing up for long-term dominance, not just speculative hype.
