Quick overview

Live XRP/USD Chart

---

Ripple completed a historic acquisition of Hidden Road, making it the first company with a crypto focus to own a global multi-asset prime brokerage firm. A key driver of XRP’s potential breakout is Ripple’s strategic decision to expand its ecosystem, as the token has recently dipped below the psychological $3 mark. The crypto-friendly global credit network, Hidden Road, has been rebranded as Ripple Prime.

 

This is one of the largest M&A deals in the digital asset industry to date, with Ripple officially acquiring the network for $1.25 billion.  Ripple Prime will facilitate institutional adoption of cryptocurrency using the company’s existing infrastructure,

Furthermore, Ripple is integrating its U.S.-depositing dollar-backed stablecoin, RLUSD, into Hidden Road and using it as collateral for all brokerage services provided by the business. Additionally, Hidden Road
“The synergies between the two businesses made this acquisition a logical next step to support institutional adoption of digital assets. The press release states that Ripple Prime’s services will be enhanced by the company’s core digital asset infrastructure, which includes stablecoin, crypto custody, payments, and XRP use. Hidden Road was founded in 2018 and offers institutional clients a range of financial services, such as transaction financing, cash management, securities lending, and custodial and settlement services.

According to its own data, the firm has over 300 institutional clients and clears $3 trillion annually across markets. According to CoinGecko, XRP traded at $2.50, a 4 percent increase over the previous day.