Ripple CEO Brad Garlinghouse stressed that the acquisition makes a crucial contribution to the market amid regulatory changes in the United States, with key shifts taking place within the Securities and Exchange Commission (SEC).“We are at an inflection point for the next phase of digital asset adoption — the US market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance,” Garlinghouse said, adding:“With these tailwinds, we are continuing to pursue opportunities to massively transform the space, leveraging our unique position and strengths of XRP to accelerate our business and enhance our current solutions and technology.”Hidden Road founder and CEO Marc Asch expressed confidence in the anticipated growth of the company with the acquisition.“With new resources, licenses, and added risk capital, this deal will unlock significant growth in Hidden Road’s business, allowing us to increase capacity to our customer base, expand into new products, and service more markets and asset classes,” Asch stated.
With Hidden Road’s $3 trillion clearing across more than 300 institutions, Ripple is set to become the “first crypto company to own and operate a global, multi-asset prime broker,” which is anticipated to become the “largest non-bank prime broker globally,” the announcement notes.
Blockchain-based payments network Ripple announced it has acquired crypto-friendly prime broker Hidden Road following its win in a long-running battle with securities regulators in the United States.
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