Hidden Road is a global multi-asset prime broker acquired by Ripple for $1.25 billion in October 2025 and renamed Ripple Prime. This reference covers its institutional trading services, financial growth, RLUSD collateral integration and role in digital asset markets.
Hidden Road is a global multi-asset prime broker acquired by Ripple for $1.25 billion in October 2025 and rebranded as Ripple Prime. The acquisition expanded Ripple's institutional crypto business into brokerage, clearing and financing across traditional and digital markets. This profile explains the platform's services, financial growth and importance for asset managers, institutional investors and financial institutions.
Key Takeaways
-
Ripple announced its $1.25 billion acquisition of Hidden Road in April 2025 and officially completed the transaction on October 24, 2025.
-
Hidden Road's platform clears more than $3 trillion annually across markets and serves over 300 institutional customers, according to Ripple.
-
Ripple Prime's business tripled in size, client collateral doubled and average daily transactions exceeded 60 million following the acquisition announcement.
-
Ripple Prime launched U.S. digital asset spot prime brokerage in November 2025, supporting OTC transactions and cross-margining.
-
RLUSD, Ripple's U.S. dollar-backed stablecoin, is used as eligible collateral in certain prime brokerage products.
What Is Hidden Road and Why Did Ripple Acquire It?
Hidden Road was a non-bank, global multi-asset prime brokerage company providing institutional clients with access to trading, clearing, financing and risk management services.
Unlike traditional prime brokers focused primarily on securities markets, Hidden Road built a modern technology stack supporting traditional finance alongside digital assets.
On April 8, 2025, Ripple announced the acquisition of Hidden Road for $1.25 billion, one of the largest deals in the digital assets space at the time.
The acquisition officially completed on October 24, 2025, making Ripple the first crypto company to own and operate a global multi-asset prime broker.
Ripple, which has developed digital asset infrastructure for financial institutions for over a decade, positioned Ripple Prime as part of a broader institutional platform combining Ripple Payments, custody and stablecoin services.
Ripple Prime: Institutional Brokerage and Trading Services
Ripple Prime operates as a global credit network designed to provide institutional customers with streamlined access to multiple asset classes.
Its prime brokerage products combine execution, portfolio financing and clearing services to improve capital efficiency and remove operational complexity.
| Service |
Institutional application |
| Digital assets |
OTC spot execution, crypto derivatives and financing |
| Foreign exchange |
FX trading and clearing |
| Fixed income |
Repo financing and related instruments |
| Listed derivatives |
Futures, options and clearing |
| Cross-margining |
Collateral efficiency across eligible positions |
| Risk management |
Portfolio monitoring and risk-based margin financing |
The platform supports asset managers, hedge funds, market makers and institutional trading firms.
Its conflict-free brokerage model emphasizes execution access, collateral management and institutional risk controls rather than proprietary trading against customers.
In November 2025, Ripple Prime launched digital asset spot prime brokerage for U.S. institutional clients.
The service introduced OTC spot transactions across major digital assets, including XRP and RLUSD, alongside existing derivatives products.
Institutional clients can cross-margin qualifying spot holdings and transactions with OTC swaps and CME futures and options.
Hidden Road Acquisition: Financial Growth and Key Metrics
Ripple Prime expanded its institutional business following the acquisition.
| Metric |
Reported figure |
| Acquisition value |
$1.25 billion |
| Acquisition completion |
October 24, 2025 |
| Annual clearing activity |
More than $3 trillion |
| Institutional customers |
More than 300 |
| Average daily transactions |
More than 60 million, reported November 2025 |
| Client collateral |
Doubled following acquisition announcement |
| Business growth |
Tripled following acquisition announcement |
| Revenue growth |
Tripled year-over-year, reported May 2026 |
| Debt financing |
$200 million facility announced May 2026 |
Ripple's November 2025 disclosures confirmed substantial increases in transaction activity and client collateral.
In May 2026, Ripple separately reported that Prime's revenue had tripled year-over-year. The company also secured a $200 million debt facility from Neuberger Specialty Finance to expand margin lending capacity.
These operational figures should not be confused with audited net profitability. Claims that Ripple Prime became profitable in 2025 or processed $38 billion in first-year gross notional require separate confirmation.
How RLUSD and XRP Ledger Support Ripple Prime
RLUSD connects Ripple Prime's institutional financing operations with blockchain-based digital assets.
Ripple's U.S. dollar-backed stablecoin is already used as collateral across selected prime brokerage products.
This allows eligible institutional clients to manage collateral more efficiently while operating across traditional and digital markets.
Ripple also intends to use the XRP Ledger's blockchain infrastructure for parts of Ripple Prime's post-trade activity.
The objectives include reducing settlement complexity, streamlining operations and optimizing costs.
However, migration plans should not be interpreted as confirmation that all clearing and settlement activity currently occurs on-chain.
Ripple Prime's development also supports potential institutional decentralized finance applications by connecting regulated financial operations with blockchain settlement infrastructure.
Why Ripple Prime Matters for Institutional Crypto Adoption
Ripple Prime addresses the fragmented infrastructure facing institutional crypto investors.
Trading firms often need deep liquidity across exchanges and OTC desks, secure custody integrations, financing and regulatory compliance.
A multi-asset prime broker can simplify these relationships through centralized collateral management and access to different execution venues.
For high-volume institutions, liquidity quality, execution reliability and counterparty transparency matter more than reported trading volume alone.
High-frequency trading firms may also require extremely low-latency APIs, while asset managers prioritize custody safeguards and financing terms.
U.S. regulatory requirements, broker-dealer obligations and jurisdiction-specific restrictions continue to influence institutional access.
Ripple Prime's growth illustrates how brokerage clearing and financing infrastructure is becoming important alongside traditional crypto exchanges.
How Gate Can Help
Institutional brokerage and retail spot trading serve different needs. While Ripple Prime focuses on multi-asset clearing, financing and institutional execution, Gate Spot provides access to XRP trading through a centralized exchange order book.
Traders evaluating XRP market liquidity can compare spreads, available order-book depth and recent trading activity.
These observations provide useful market context but do not represent Ripple Prime's institutional execution conditions, collateral services or credit arrangements.
Conclusion
Hidden Road's transformation into Ripple Prime marks Ripple's expansion beyond payments into global multi-asset prime brokerage.
The $1.25 billion acquisition created a broader institutional platform covering digital assets, foreign exchange, derivatives and financing. Growing transaction activity, RLUSD collateral integration and new financing arrangements support its institutional strategy.
Its longer-term impact will depend on regulatory compliance, operational resilience, liquidity quality and successful integration of traditional and blockchain-based infrastructure.
Frequently Asked Questions
Who owns Hidden Road?
Ripple owns Hidden Road after completing its $1.25 billion acquisition in October 2025. The business now operates under the Ripple Prime brand.
How much volume does Ripple Prime process?
Ripple reports that its prime brokerage platform clears more than $3 trillion annually across markets. In November 2025, it also reported average daily transactions exceeding 60 million. These are different operational measures.
Does Ripple Prime support crypto and traditional financial assets?
Yes. Ripple Prime provides multi-asset prime brokerage covering digital assets, foreign exchange, fixed income, derivatives and related financing products, subject to eligibility and jurisdiction.
How does RLUSD work within Ripple Prime?
RLUSD serves as collateral in selected Ripple Prime products. It supports qualifying margin arrangements involving digital asset positions and traditional financial instruments.
Does Ripple Prime use XRP Ledger for settlement?
Ripple has announced plans to migrate portions of Ripple Prime's post-trade operations onto XRP Ledger to improve efficiency and reduce costs. The scope and completion of that migration should be distinguished from the announced strategy.
* The information is not intended to be and does not constitute financial advice or any other recommendation of any sort offered or endorsed by Gate.
