Ripple has launched a new prime brokerage platform for institutional clients in the United States, significantly expanding its digital asset services by integrating technology from a recent acquisition. This move positions the company to provide comprehensive trading solutions for a burgeoning market.
The new offering, part of the expanded Ripple Prime platform, enables U.S.-based institutions to conduct over-the-counter (OTC) transactions. It supports dozens of major digital assets, including Ripple’s own XRP token and its RLUSD stablecoin.
This strategic expansion follows Ripple’s acquisition of Hidden Road in October. Hidden Road’s multi-asset prime brokerage technology has been integrated into Ripple Prime.
The integration broadens Ripple Prime’s scope within the U.S. market. It now encompasses all primary digital asset product types, including foreign exchange, derivatives, swaps, and fixed income.
A key feature of the platform is its ability to cross-clear spot OTC transactions and holdings. This can be done with other digital asset portfolio components, such as OTC swaps, futures, and options on the Chicago Mercantile Exchange (CME).
Michael Higgins, International Executive Director of Ripple Prime, stated the new capabilities complement existing services. He added that the platform positions Ripple to offer U.S. institutions a comprehensive package tailored to their trading strategies and business needs.
This initiative is designed to strengthen Ripple’s ecosystem by facilitating efficiency in traditional finance through its digital tokens. Ripple Prime combines Ripple’s regulatory licenses with Hidden Road’s solutions, aiming to ensure compliance in the increasingly regulated U.S. digital asset market.
Ripple, known for its blockchain-powered cross-border payment network, views this expansion as an opportunity to attract institutional investors. These investors are seeking robust tools for digital asset trading.
The announcement comes amid rising institutional adoption of cryptocurrencies in the U.S. This trend is driven by regulatory advancements and the overall maturation of the sector.