Ripple has expanded its presence in the U.S. market with the rollout of the digital asset spot prime brokerage, bringing over-the-counter spot transactions to U.S.-based institutional clients.
Ripple now offers spot prime brokerage for digital assets to institutional clients in the U.S.
The blockchain technology firm announced the launch of the new cryptocurrency service on Nov. 3, just days after closing the acquisition of multi-asset prime brokerage Hidden Road.
According to details, Ripple’s new foray is a solution that seeks to bring OTC spot transactions across the world’s leading crypto assets. This includes its flagship digital asset XRP (XRP) and stablecoin Ripple USD (RLUSD).
News comes as XRP struggles with downward pressure near $2.41.
Ripple Prime, the rebranded platform that followed Ripple’s acquisition of Hidden Road, is the new home of various spot digital asset products.
The offering, which taps into the blockchain firm’s licenses as well as Hidden Road’s solutions, will see customers access products across foreign exchange, crypto, derivatives, swaps and fixed income. Apart from cross-margin OTC spot, U.S. clients will have access to OTC swaps, CME futures and options.
“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, Ripple Prime.
Ripple Prime adds to the company’s list of other solutions, including cross-border payments, custody, and stablecoins.
The brokerage platform, like these solutions, is set to expand the adoption and utility of the XRP cryptocurrency and the RLUSD stablecoin. As the regulatory environment improves, support for innovation and adoption is gaining traction.
Ripple looks to be one of the top players in the ecosystem as traditional finance comes onchain.
