Ripple Launches Digital Asset Spot Brokerage for US Market

Ripple, a fintech company specializing in crypto solutions for businesses, today announced the expansion of its offerings with the launch of digital asset spot prime brokerage for the United States market. The development follows the acquisition of multi-asset prime broker Hidden Road. The new service will operate under the name Ripple Prime. 

The announcement was made through an X post, stating that the service allows clients to execute over-the-counter (OTC) spot transactions across digital assets and stablecoins, including $XRP and $RLUSD. OTC transactions are trades negotiated directly between two parties, typically financial institutions, without the use of a formal exchange

Ripple business grows threefold

Earlier, Ripple noted that since the initial announcement of the acquisition, Ripple Prime’s business has “grown by 3X, and additional growth for new and existing customers is expected.”

This launch allows Ripple Prime to provide a range of trading services to U.S. institutions. The new capabilities mean clients can now seamlessly access a full spectrum of financial products, including foreign exchange (FX), derivatives, swaps, fixed income, and digital assets. The platform also enables U.S. clients to cross-margin their OTC spot transactions and holdings with the rest of their digital asset portfolio, including OTC swaps and regulated CME futures and options. 

Michael Higgins, International CEO of Ripple Prime, said, “The launch of OTC spot execution capabilities complements our existing suite of OTC and cleared derivatives services in digital assets and positions us to provide U.S. institutions with a comprehensive offering to suit their trading strategies and needs.”

The $1.25 billion acquisition of Hidden Road

Ripple first announced the launch in April 2025, agreeing to acquire the multi-asset prime brokerage firm Hidden Road for an estimated $1.25 billion. In the same month, Hidden Road got its U.S. brokerage license.

The acquisition made Ripple the first crypto company to fully own and operate a global, multi-asset prime broker. The move aimed to bridge the gap between traditional finance and the digital asset space, leveraging Hidden Road’s platform, which serves over 300 financial institutions. The acquisition was completed in October 2025. 

Hidden Road launched a crypto trading service for U.S. institutional investors in May 2025, enabling US customers to trade over-the-counter (OTC) cash-settled crypto swaps. The integration played a factor in Ripple’s strategy, with plans to integrate Hidden Road’s post-trade operations onto the XRPL, Ripple’s native blockchain, to enhance efficiency and cut costs. The newly formed Ripple Prime is also set to use Ripple’s stablecoin, RLUSD, as collateral for trading products.

This capability facilitated the first 24/7 cross-margining between crypto and traditional finance products supported by a USD-backed stablecoin, streamlining access and capital efficiency for institutional investors worldwide.

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