Ripple, the XRP-linked fintech company, has taken a significant step by allowing its U.S. clients to access spot trading for dozens of cryptocurrencies through its Ripple Prime service. This major move was announced by the company in a blog post on Monday. The addition of prime brokerage capabilities for digital asset spot trading follows Ripple’s acquisition of Hidden Road. The latter, a multi-asset prime brokerage firm, was acquired by Ripple in April for $1.25 billion.
The announcement details that Ripple Prime clients can now access “dozens of the most prominent digital assets.” This includes XRP and Ripple’s stablecoin, RLUSD. These assets had market caps of $142 billion and $1 billion respectively. Although Ripple’s business has focused on the XRP ecosystem for years, this expansion makes Bitcoin, Ethereum, and Solana accessible to its institutional clients. Michael Higgins, CEO of Ripple Prime International, stated that this service complements Prime’s existing offerings.
Higgins emphasized that “the launch of OTC spot execution capabilities complements our existing suite.” This includes OTC and cleared derivatives services in digital assets. Furthermore, “it positions us to provide U.S. institutions with a comprehensive offering.” This is designed to suit their trading strategies and needs. A Ripple spokesperson confirmed that the Prime service explicitly covers Bitcoin, Ethereum, and Solana, highlighting the wide range of options available.
How does Ripple Prime redefine the institutional crypto trading landscape in the US?
Through its prime brokerage, institutions can not only access foreign exchange and precious metals trading. They can also trade synthetic assets and over-the-counter swaps. Additionally, Ripple’s prime brokerage allows customers to borrow money to trade derivatives and crypto on margin. Ripple CEO Brad Garlinghouse had noted on X that prime brokers like Hidden Road have established themselves as trusted intermediaries for large hedge funds, market makers, and OTC desks.
Garlinghouse also mentioned that Hidden Road, under its new owners, will use the XRP Ledger for clearing a portion of trades. However, he specifically highlighted Hidden Road’s ability to promote the adoption of RLUSD as a form of collateral. This applies across different types of markets and trading strategies. The company is clearly expanding its influence on multiple fronts of the digital financial sector.
As Ripple adapts to a more supportive regulatory environment, the company has been on a “spending spree.” Garlinghouse commented last month that Ripple has unveiled “5 major acquisitions” in approximately two years. These have covered areas such as custody and corporate treasury management. This aggressive growth strategy underscores Ripple’s long-term vision to become a dominant player in the digital asset space.
