On April 8, 2025, Ripple made a bold move to strengthen its position in institutional finance by acquiring multi-asset prime brokerage firm Hidden Road for $1.25 billion. This strategic acquisition marks Ripple’s most ambitious expansion since its legal victory against the U.S. Securities and Exchange Commission (SEC) and reaffirms its commitment to bridging traditional finance with blockchain innovation.
Ripple CEO Brad Garlinghouse announced the deal in a press conference streamed from the company’s San Francisco headquarters. He described the acquisition as a “transformational step” in Ripple’s mission to integrate digital assets into the broader financial system. Garlinghouse emphasized the importance of Hidden Road’s infrastructure and institutional client base, noting that the acquisition would unlock immediate synergies and accelerate adoption of Ripple’s native stablecoin, RLUSD.
Hidden Road: A Key Player in Institutional Markets
Hidden Road has operated under the radar for much of its existence, catering exclusively to institutional clients and executing more than $3 trillion in annual transaction volume. The firm provides clearing, settlement, and prime brokerage services across crypto, forex, fixed income, and equities. With over 300 institutional clients on its books—including hedge funds, proprietary trading firms, and global banks—Hidden Road offers Ripple an instant foothold in the world of institutional finance.
Founded in 2018, Hidden Road built its reputation on speed, discretion, and advanced technology. The firm developed proprietary risk management tools and liquidity provisioning systems, giving clients streamlined access to both traditional and digital markets. By acquiring Hidden Road, Ripple now controls a complete financial stack that spans blockchain settlement and traditional asset clearing.
Ripple’s Strategic Expansion Beyond Payments
Ripple originally entered the crypto scene as a cross-border payments company. Over the years, it evolved into a broader enterprise blockchain platform, focusing on liquidity solutions, CBDC infrastructure, and tokenized asset issuance. This acquisition signals a new chapter for Ripple—one where the company seeks to dominate the institutional infrastructure layer of finance.
Garlinghouse laid out a three-part strategy behind the acquisition:
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Accelerate RLUSD Adoption: Ripple plans to integrate RLUSD, its U.S. dollar-backed stablecoin, directly into Hidden Road’s trading rails. This move allows institutional clients to access stable liquidity and execute trades with faster settlement times and lower counterparty risk.
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Expand Global Liquidity Pools: Hidden Road operates across 45 jurisdictions and connects to more than 120 liquidity providers. Ripple will tap into this network to deepen global crypto and forex liquidity for its enterprise clients.
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Enhance Prime Brokerage Services for Digital Assets: The combined company will offer custodial, lending, and clearing services for a wide range of digital assets. This integrated model positions Ripple as a one-stop shop for institutional crypto needs.
Ripple also plans to maintain Hidden Road’s brand and leadership team to ensure operational continuity and preserve client relationships. David Adams, CEO of Hidden Road, will join Ripple’s executive leadership and oversee the integration of services under a new division called “Ripple Prime.”
Market Reaction and Strategic Implications
Crypto markets responded positively to the announcement. XRP, Ripple’s native token, jumped over 6% within hours, while RLUSD saw a spike in trading volume across supported platforms. Analysts praised Ripple’s timing, highlighting the current market cycle’s shift toward institutional adoption as a prime moment to scale infrastructure.
Industry leaders also applauded the deal. Michael Novogratz, CEO of Galaxy Digital, called the acquisition “the clearest sign yet that crypto is converging with Wall Street.” He praised Ripple for investing in long-term infrastructure and taking a leadership role in regulated crypto finance.
Venture capital firm Andreessen Horowitz, which previously invested in Hidden Road, endorsed the deal and stated it would support the post-acquisition roadmap. The deal also drew attention from policymakers, some of whom praised the alignment between innovation and compliance.
Regulatory Alignment and Compliance Strength
One of the key reasons Ripple targeted Hidden Road lies in its regulatory compliance framework. Hidden Road holds licenses in the U.S., U.K., Singapore, and the European Union, giving Ripple immediate access to key markets without facing regulatory delays.
Hidden Road also developed a proprietary risk engine that monitors counterparty exposure and market volatility in real time. This system ensures that all clients meet capital and margin requirements before executing trades. By integrating this engine into Ripple’s blockchain infrastructure, the company will enhance compliance and reduce systemic risk for institutional clients.
Ripple plans to expand its regulatory footprint by using Hidden Road’s legal infrastructure. The company will register additional entities across Asia and Latin America to support the rollout of RLUSD and other financial products.
Garlinghouse confirmed that Ripple would not alter Hidden Road’s compliance policies or trading restrictions. Instead, Ripple will strengthen internal audit functions, expand regulatory reporting, and deepen engagement with financial watchdogs.
Ripple’s Vision: Bridging the Old and the New
With this acquisition, Ripple sets a clear goal: build the foundational layer for institutional digital asset adoption. The company no longer wants to limit itself to remittances or CBDCs. It now aims to offer a comprehensive suite of services for banks, asset managers, family offices, and fintech firms.
Garlinghouse laid out a vision where traditional and digital finance converge on a shared infrastructure. He believes Ripple can offer clients the best of both worlds—blockchain efficiency and traditional market structure.
He also stressed the importance of trust. “Financial institutions need partners that understand regulation, risk, and real-world execution,” he said. “Ripple has spent over a decade building that trust. Today’s announcement doubles down on that promise.”
Ripple plans to open three new offices—one in Singapore, one in Dubai, and one in São Paulo—as part of its global expansion. These offices will serve as hubs for onboarding institutional clients and managing compliance obligations.
Integration Timeline and Future Offerings
Ripple plans to complete the integration of Hidden Road within six to nine months. The initial focus will involve merging technical systems and aligning product offerings. Ripple engineers will connect Hidden Road’s APIs to the XRP Ledger, enabling real-time settlement for trades executed through Ripple Prime.
The combined company will roll out several new services by the end of 2025:
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Tokenized Asset Clearing: Institutions will gain access to tokenized treasuries, equities, and commodities with full regulatory compliance and risk controls.
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Crypto-Collateralized Lending: Ripple Prime will offer lending solutions using RLUSD, XRP, BTC, and ETH as collateral.
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Global Settlement Layer for Forex: Ripple will leverage Hidden Road’s forex capabilities to offer blockchain-powered settlement for major currency pairs.
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Onchain Treasury Management: Institutional clients will receive access to dashboards that allow them to manage liquidity across wallets, banks, and exchanges in real-time.
Ripple also plans to support tokenization projects for sovereign wealth funds and major banks, offering infrastructure-as-a-service for digitizing real-world assets like bonds and real estate.
Final Thoughts
Ripple’s acquisition of Hidden Road represents a major milestone in the maturation of the crypto industry. By acquiring a proven prime brokerage with deep institutional ties and robust regulatory compliance, Ripple expands its footprint far beyond blockchain technology.
The deal showcases how blockchain companies can scale through strategic acquisitions and integrate themselves into the financial ecosystem rather than operating on its periphery. Ripple now stands poised to challenge traditional prime brokers and digital asset custodians by offering a unified platform built for the future of finance.
This bold step cements Ripple’s identity as more than a blockchain protocol—it becomes an institution in its own right, with the infrastructure, trust, and ambition to shape global finance for years to come.
