Summary
- Ripple announced that by acquiring Hidden Road for $1.25 billion, it has become the only virtual asset company to own and operate a prime broker.
- Ripple conveyed its vision to grow Hidden Road into the world's largest non-bank prime broker.
- It is expected that the utility of RLUSD will be further expanded due to this acquisition.
Ripple has acquired the multi-asset prime broker 'Hidden Road' for $1.25 billion. A prime broker is an intermediary institution that provides comprehensive financial services such as clearing, securities lending, and leverage trading execution for large investors.
According to Reuters on the 8th (local time), Ripple acquired Hidden Road for $1.25 billion. As a result, Ripple has become the only virtual asset (cryptocurrency) company to own and operate a prime broker. Furthermore, they conveyed their vision to grow Hidden Road into the world's largest non-bank prime broker.
The expansion of the use of Ripple's stablecoin RLUSD is also anticipated. The media stated, "This acquisition will further expand the utility of RLUSD," adding, "Hidden Road is already using RLUSD as collateral across its products."
Son Min
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