Hidden Road Secures U.S. Broker-Dealer License Following Ripple Acquisition

In a move that underscores its ambition to bridge crypto and traditional finance, Ripple is expanding the role of its newly acquired prime brokerage platform, Hidden Road.

The company has now secured a U.S. broker-dealer license, a critical step that paves the way for it to serve institutional investors in mainstream financial markets.

This regulatory green light opens the door for Hidden Road to provide institutional-grade services in fixed-income markets, including repurchase agreements, trade clearing, and global funding operations. The firm, which had already made its name in the digital asset and FX space, is now moving decisively into regulated financial territory. According to company president Noel Kimmel, the license is a foundational step in building a fully integrated, non-bank brokerage capable of operating across asset classes.

The expansion aligns with Ripple’s broader vision of integrating blockchain technology into legacy financial infrastructure. Ripple completed its $1.25 billion acquisition of Hidden Road on April 8, marking the largest deal in its history and signaling a shift toward servicing institutional clients with a diverse range of financial tools.

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Following the acquisition, Ripple announced plans to integrate its RLUSD stablecoin into Hidden Road’s platform as collateral for multi-asset trades. The firm also intends to use the XRP Ledger to accelerate settlement processes, aiming to replace hours-long delays with near-instant processing—a change that could significantly lower operational costs for market participants.

Hidden Road’s rise in the industry has been notable. After the collapse of FTX in 2022, institutional demand for secure, reliable prime brokerage services surged. Hidden Road quickly positioned itself as a credible alternative, focusing on risk management and streamlined execution for large clients. Its recent approval as a Fixed Income Clearing Corporation (FICC) member further enhances its credibility as it expands beyond crypto-native services.

Ripple CEO Brad Garlinghouse called the acquisition a rare chance to unify blockchain-based innovation with the infrastructure of traditional finance. He sees the partnership as a catalyst for driving institutional adoption of blockchain services, especially as demand for faster, more secure financial transactions continues to rise.

As Ripple integrates Hidden Road’s capabilities into its ecosystem, it’s not just extending its reach—it’s redefining what a crypto-native company can be in the regulated financial world.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.