Ripple Expands Into Prime Brokerage with $1.25B Hidden Road Deal
Ripple has announced the purchase of multi-asset credit network Hidden Road for $1.25 billion, marking one of the most significant acquisitions the crypto industry has seen in 2025. The move marks Ripple’s bold entry into the traditional financial brokerage world, fusing its established blockchain infrastructure with Hidden Road’s expertise in global prime brokerage services.
The deal, which is still subject to regulatory approval, positions Ripple to offer a seamless bridge between digital assets and traditional markets, a step forward in its mission to become a core liquidity provider and institutional partner in the evolving financial ecosystem.
Hidden Road, founded in 2018, has earned a reputation as a leading prime broker for institutional clients, facilitating access to various markets including FX, equities, and now digital assets. Its infrastructure allows hedge funds, asset managers, and family offices to clear and settle trades with reduced counterparty risk, and the addition of Ripple’s cryptographic capabilities could significantly transform its offering.
“This acquisition accelerates our long-standing goal of simplifying access to global liquidity,” said Ripple CEO Brad Garlinghouse in a statement. “By integrating with Hidden Road’s infrastructure, we’ll be able to provide both traditional and crypto-native institutions with more efficient access to global markets.”
Ripple, once known purely for its XRP based remittance solution, has undergone a sweeping transformation over the past two years. Following its landmark legal settlement with the SEC in 2024 and its expansion into tokenised asset services, the company has deepened ties with banks, payment processors, and now prime brokers.
The acquisition, according to market analysts, sends a strong signal that Ripple is stepping up its institutional strategy and taking on giants like Coinbase Institutional and Galaxy Digital in the fight for corporate and hedge fund business.
“This is less about crypto hype and more about financial infrastructure,” said Sheila Warren, CEO of the Crypto Council for Innovation. “Ripple is positioning itself as a service layer for all forms of liquidity, and this acquisition gets them one step closer.”
The purchase also comes amid a wider industry trend of consolidation, as larger players look to offer one-stop solutions across custody, settlement, and trading, especially in an increasingly global and regulatory-fragmented environment.
For Ripple, the Hidden Road deal isn’t just about expanding its reach; it’s about legitimacy. By acquiring a firm with strong compliance systems and global connectivity, Ripple strengthens its appeal to risk-averse institutional clients and financial regulators alike.
As part of the deal, Hidden Road’s team will remain in place, and Ripple has pledged to invest further in the firm’s core systems and staffing. Integration efforts are already underway, with shared services expected to roll out in Q3.
With this acquisition, Ripple demonstrates to Wall Street and the cryptocurrency community that it is more than just a blockchain company; it is constructing the financial infrastructure of the future.