Ripple announced the completion of its acquisition of Hidden Road, now renamed Ripple Prime. Hidden Road previously provided institutions with clearing, prime brokerage, and foreign exchange (FX), digital assets, derivatives, swaps, and fixed income financing services. This acquisition will establish Ripple as the first cryptocurrency company to own and operate a global, multi-asset prime broker.

Since the acquisition announcement, Ripple Prime's business has tripled and is expected to grow further. Ripple Prime will enhance the utility and reach of Ripple's stablecoin, RLUSD. Currently, RLUSD is used as collateral for a variety of prime brokerage products, and some derivatives clients have already chosen to hold RLUSD.