Ripple Enters Spot Prime Brokerage
Ripple has entered the U.S. digital asset prime brokerage business, launching over-the-counter spot trading for institutional clients roughly seven months after agreeing to acquire Hidden Road.
In a notice on Monday, Ripple said clients can now execute OTC spot transactions across several cryptocurrencies. The move follows the completion of Ripple’s $1.25 billion acquisition of Hidden Road, a London-based prime broker known for crypto-friendly infrastructure. The deal, first announced in April, closed in October.
“The launch of OTC spot execution capabilities complements our existing suite of OTC and cleared derivatives services in digital assets and positions us to provide U.S. institutions with a comprehensive offering to suit their trading strategies and needs,” said Michael Higgins, international CEO of Ripple Prime and a former Hidden Road executive.
Investor Takeaway
Expansion Through Hidden Road
The integration of Hidden Road allows Ripple to act as a multi-asset prime broker, providing institutional clients with access to cross-margin OTC spot transactions, OTC swaps, and CME-listed crypto futures and options. The new division, Ripple Prime, will compete with firms such as FalconX and Galaxy as more banks and asset managers explore digital asset trading under tighter supervision.
The announcement coincides with Ripple’s annual Swell conference in New York, where executives are expected to discuss the company’s push into institutional trading and blockchain-based finance. The expansion also builds on Ripple’s existing network of payment corridors, liquidity hubs, and partnerships with banks in more than 50 countries.
Ripple’s entry into prime brokerage reflects a broader consolidation trend among digital asset firms that survived the 2022-2023 downturn, seeking to pair balance sheet strength with direct market access. Hidden Road’s infrastructure, which supports both traditional and digital assets, gives Ripple the ability to serve institutional clients demanding integrated clearing and settlement services.
Ripple’s Market Standing and XRP Reaction
The launch had little immediate impact on the company’s token. According to data from Nansen, XRP fell roughly 5% in the past 24 hours, sliding from $2.50 to $2.37 at the time of publication. XRP has traded within a narrow range in recent weeks, following a broader market slowdown and reduced retail participation.
Ripple remains one of the longest-standing players in the crypto sector, having built much of its business on cross-border payments and liquidity management. The new U.S. prime brokerage adds another layer to its operations, bringing the company closer to traditional market infrastructure providers that handle trading, clearing, and collateral management.
Investor Takeaway
Political and Policy Connections
Ripple’s leadership continues to maintain strong ties in Washington. In October, a company representative attended a White House fundraising event tied to a proposed ballroom expansion backed by President Donald Trump. The project, estimated to cost $350 million, involved the demolition of the East Wing.
Ripple has also supported the Fairshake political action committee, which helped fund campaigns for pro-crypto candidates during the 2024 U.S. elections. The PAC’s influence has expanded across both parties as crypto policy moves closer to the legislative mainstream.
For Ripple, the combination of regulatory engagement, political connections, and institutional services could offer a strategic advantage as the U.S. market reopens to digital asset firms under clearer oversight. But with the SEC case over XRP’s classification still in the background, the company faces ongoing legal scrutiny even as it broadens its institutional reach.
