Founded in 2018, Hidden Road Partners is a global prime brokerage offering credit, clearing, and access across traditional and digital assets. The firm serves hedge funds, high-frequency trading firms, and institutional investors seeking regulated exposure to crypto markets.
Led by Michael Higgins, International CEO and Global Head of Corporate Development, Hidden Road has rapidly expanded its footprint across New York and London. The company was backed early by U.S. pension funds and operates as one of the few prime brokers bridging traditional finance (TradFi) and digital assets.
Institutions are coming for crypto and blockchain
Speaking with TheStreet Roundtable’s Alp Gasimov, Higgins said institutional conversations today center on two converging but distinct worlds — cryptocurrency and blockchain infrastructure.
“There’s kind of two sides. I think it’s important to separate the crypto side versus the blockchain technology side. Those are two different things, although converging,” he said.
“On the crypto side, that’s like a capital market business. Trading firms — whether those be hedge funds, pension firms, or high-frequency fraternity — are all coming into this space.”
Higgins said demand has surged as institutions seek liquidity, credit access, and balance-sheet solutions from regulated prime brokers like Hidden Road.
“Financial markets are being rewired. Anything of value is getting tokenized and shipping that collateral around on a 24/7 basis is pretty important, exciting, and very relevant to our business and to the institutions we serve.”
Inside the Ripple deal
Hidden Road recently entered into an acquisition agreement with Ripple, the blockchain payments company behind XRP. Higgins described the deal as “organic,” rooted in aligned visions and complementary strengths.
“We were funded by a bunch of U.S. pension funds. Ripple was a small investor in us and said, hey, what if we do this? When you look at the size of Ripple’s balance sheet in Treasury, it made a lot of sense for us to help solve the supply-demand problem.”
The move allows Ripple and Hidden Road to build what Higgins called a “full capital market stack.”
“Ripple’s done a number of acquisitions on the custody side. They launched a stablecoin called RLUSD, which is an NYDFS-regulated coin. Hidden Road is the prime broker of the credit layer. So to be able to provide institutional services, like a full capital market stack, is pretty interesting.”
When asked why Ripple, Higgins said the chemistry was natural.
