Ripple’s $1.25B Target Hidden Road Wins FINRA License
Hidden Road, nearing acquisition by Ripple, has locked in its U.S. broker-dealer license—opening the door to expanded institutional fixed-income services.
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As part of its $1.25 billion acquisition by Ripple, global credit network Hidden Road has secured broker-dealer status in the U.S.
With FINRA’s approval, the firm is now positioned to deliver clearing and funding services for debt instruments tailored to institutional clients.
The step marks a significant expansion of Ripple’s reach into conventional finance, paving the way for broader adoption of the XRP Ledger as a core settlement layer in fixed-income operations.
Check this out: David Schwartz: Ripple’s Mastermind Driving the Blockchain Future
The Power Behind the Broker-Dealer License
FINRA has approved Hidden Road’s U.S. arm—Hidden Road Partners CIV US LLC—for broker-dealer operations. This unlocks the ability to scale its debt instrument platform, which only recently entered the market.
Our broker-dealer registration is a significant step in the development of Hidden Road's fixed income prime brokerage platform and bolsters our capabilities in traditional financial markets… As a FINRA member, we will be able to bring our best-in-class, technology-driven fixed income service offering to an expanded universe of institutional clients. Our business has tremendous momentum, and we look forward to continuing to provide superior execution and support to our clients amidst today's exceptionally dynamic market environment,
remarked Noel Kimmel, President of Hidden Road.
With a client base of over 300 institutions, the firm moves more than $10 billion in daily transactions through its prime brokerage and clearing platforms. Though its roots lie in forex, Hidden Road has, since 2018, been forging new ground in both digital and legacy financial markets.
Ripple Eyes $1.25B Hidden Road Deal
In a move aimed at reinforcing its institutional capabilities, Ripple has announced its intention to acquire Hidden Road for $1.25 billion. The acquisition is expected to close in the near term, once regulatory hurdles are cleared.
Related: XRP ETF Debuts in the U.S.—With Leverage, Not Spot
Brad Garlinghouse, CEO of Ripple, noted that the partnership would empower Hidden Road to scale at an exponential rate—positioning it as the dominant non-bank prime brokerage worldwide.
He added that Ripple plans to migrate Hidden Road’s post-trade infrastructure to XRPL, targeting faster settlements and significant cost savings through blockchain integration.
Ripple Rises Amid Shifting U.S. Regulatory Winds
With crypto regulation softening, Ripple has gained traction. The firm received money transmitter licenses in Texas and New York in January, expanding its operational scope across state lines.
March brought another win, as the SEC formally ended its lawsuit against the company. And in April, Paul Atkins, a pro-crypto figure, was appointed as the new SEC Chairman—signaling further regulatory openness.
Read on: Ripple and SEC Enter 60-Day Legal Hiatus to Explore Settlement Options
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