Ripple Prime Acquisition Boosts Financial Reach
Ripple has finalized its $1.25 billion acquisition of Hidden Road, rebranding it as Ripple Prime, establishing a prominent presence as the first crypto company with a global multi-asset prime broker.
This acquisition significantly enhances Ripple's institutional reach, marked by a threefold increase in business, with Ripple Prime bolstering the utility of the stablecoin RLUSD in various financial products.
Ripple, under Brad Garlinghouse's leadership, has acquired and rebranded Hidden Road to Ripple Prime. Ripple's milestone positions it as the first cryptocurrency company to own a global multi-asset prime broker.
The acquisition, completed at $1.25 billion, fosters growth in institutional finance, with Ripple Prime now supporting over 300 institutions and handling over $3 trillion in transactions. It signals a new phase for Ripple, enhancing RLUSD utility.
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. — Brad Garlinghouse, CEO, Ripple
XRP Sees 4% Increase Amid Institutional Interest
XRP currently trades at $2.55, demonstrating a market capitalization of approximately $152.81 billion. The token's value increased by 3.85% in 24 hours, although declining 20.06% over 90 days, as reported by CoinMarketCap. Trading volume has surged, reflecting amplified interest post-rebranding.
The Coincu research team highlights that Ripple's acquisition strategy aligns with broader trends of integrating blockchain solutions in finance. Ripple's actions may inspire regulatory bodies to reevaluate crypto policies and technological innovations, anticipating improved efficiencies in institutional transactions.