San Francisco-based blockchain company Ripple has announced that it acquiring Hidden Road for a staggering $1.25 billion.
The acquisition of Hidden Road boasts hundreds of institutional clients that include hedge funds and quant traders. Ripple itself is a longtime customer of the prime brokerage.
The acquisition will make it possible for the company to bolster its fledgling stablecoin business, according to CEO Brad Garlinghouse, Axios reports.
With this deal, Ripple also aims to position the XRP Ledger (XRPL) as the go-to blockchain network for institutionally oriented decentralized finance (DeFi).
“With this deal and the backing of Ripple’s significant balance sheet, Hidden Road will exponentially expand its capacity to service its pipeline and become the largest non-bank prime broker globally,” Garlinghouse said.
The price of XRP is up by more than 3% on the news
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