Ripple Announces $1.25B Acquisition Of Hidden Road To Set Major Milestone
Ripple Labs has acquired Hidden Road, a brokerage, clearing, and financing firm, for $1.25 billion. This acquisition aims to enhance Ripple's position as a leader for institutional investors in the digital assets space. CEO Brad Garlinghouse highlighted a long-standing customer relationship with Hidden Road as a factor in the decision. The integration of the XRP Ledger will facilitate cost-effective and rapid value transfers for Hidden Road's customers, who handle over $3 trillion annually. This move is expected to expand Hidden Road's capacity and potentially make it the largest non-bank prime broker globally. Despite the acquisition announcement, XRP's price remains subdued at $1.96, with a 24% decline in daily trading volume, indicating reduced investor participation amid ongoing bearish market conditions. Recovery prospects for XRP are closely tied to Bitcoin's market performance.
