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Ripple has finalized its takeover of non-bank prime broker Hidden Road and rebranded it as Ripple Prime, signifying one of the organization’s most critical agreements to date and considerably broadening its operations beyond the digital assets arena.
Ripple announced it is now the pioneering crypto firm to possess and operate a multi-asset prime broker, encompassing everything from clearing, financing, and brokerage across digital assets, derivatives, swaps, foreign exchange, and fixed-income instruments for institutional clients.
Ripple Prime’s business activity has already tripled since the $1.25 billion acquisition was disclosed in early April, Ripple stated on Friday, adding that further growth from both new and existing clientele is anticipated.
Ripple is among several crypto-native enterprises that have been connecting TradFi to the digital asset realm by incorporating blockchain and crypto solutions for banks to perform international transactions and various financial activities.
Ripple aims to establish its new venture on blockchain infrastructure
Ripple, the issuer of the XRP (XRP) cryptocurrency, mentioned that its new venture will “considerably improve the utility and outreach” of its Ripple USD (RLUSD) stablecoin.
“Ripple’s foundational digital asset ecosystem across payments, crypto custody, and stablecoin, alongside the application of XRP, will augment the services available within Ripple Prime.”
In the future, Ripple also intends to embed blockchain capabilities into Ripple Prime to streamline processes and reduce expenses.
RLUSD is projected to play a crucial role in that transition, with Ripple observing that some derivatives clients are already choosing to maintain their balances in the US dollar stablecoin and that it is also utilized as collateral for multiple prime brokerage products.
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This comes as Ripple has also taken over treasury management system provider GTreasury last Thursday and stablecoin-driven payment platform Rail in August.
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These agreements were predicated on the acquisitions of Standard Custody in June 2024 and Metaco in June 2023 — culminating in six strategic deals over 28 months as part of Ripple’s extensive strategy to provide blockchain and crypto solutions to institutions.
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