Cryptocurrencies
Ripple to Buy Prime-Brokerage Hidden Road for $1.25 Billion
The deal has been in the works for the last few months and is expected to close in the third quarter of this year.
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Ripple is acquiring prime-brokerage Hidden Road for $1.25 billion, marking the largest deal ever for the digital-asset company and one of the biggest in the history of the cryptocurrency industry.
Hidden Road will leverage Ripple’s RLUSD stablecoin as collateral across its prime-brokerage products and move its post-trade activity to the XRP Ledger blockchain, according to a statement from the company on Tuesday. Ripple also sees potential for the deal to optimize costs and liquidity in its cross-border payments service, Ripple Payments, and to provide custody to Hidden Road’s clients, the statement added.