Ripple completes acquisition of Hidden Road, which has been renamed Ripple Prime
ChainCatcher news, Ripple announced the completion of its acquisition of Hidden Road, which has now been renamed Ripple Prime.
Previously, Hidden Road provided institutions with clearing, prime brokerage, and services in foreign exchange (FX), digital assets, derivatives, swaps, and fixed income financing. This acquisition will make Ripple a cryptocurrency company that owns and operates a global multi-asset prime brokerage. Since the announcement of the acquisition, Ripple Prime's business has grown threefold, and further growth is expected. Ripple Prime will enhance the utility and coverage of Ripple's stablecoin RLUSD. Currently, RLUSD has been used as collateral for a variety of prime brokerage products. Some derivatives clients have chosen to hold RLUSD.
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