Hidden Road, a global credit network for institutions, said on Thursday that its U.S. subsidiary, Hidden Road Partners CIV US LLC, has received broker-dealer registration from the Financial Industry Regulatory Authority (FINRA), enabling it to expand its fixed income prime brokerage operations.
The registration allows Hidden Road to offer regulatory-compliant clearing and financing services for fixed income assets to institutional clients, further enhancing its Fixed Income Repo & Global Funding platform.
“This is a significant step in the development of Hidden Road’s fixed income prime brokerage platform,” said Noel Kimmel, President at Hidden Road. “As a FINRA member, we will extend our technology-driven services to a broader institutional client base.”
Prime brokers like Hidden Road provide critical infrastructure for institutional trading—offering services such as clearing, securities lending, and leveraged trade execution. Hidden Road currently handles more than $3 trillion in annual clearing volume across markets and serves over 300 institutional clients.
The announcement comes shortly after Ripple, a blockchain-based infrastructure provider, revealed it would acquire Hidden Road in a $1.25 billion deal announced on April 8. The acquisition is expected to close in the coming months, subject to regulatory approvals.
Ripple said the acquisition will allow Hidden Road to scale rapidly with the backing of Ripple’s balance sheet it to become the largest non-bank prime broker globally.
The acquisition also comes amid renewed momentum for digital assets in the United States. President Donald Trump’s pro-crypto stance coincided with a broader change in regulatory sentiment, according to Ripple CEO Brad Garlinghouse.
Following the deal, Ripple will be the only crypto-native firm to fully own and operate a multi-asset global prime brokerage.
The acquisition is also expected to expand the adoption of Ripple’s U.S. dollar-pegged stablecoin, RLUSD, which Hidden Road already uses as collateral in its brokerage offerings.
Ripple launched RLUSD last year to challenge the dominance of Tether (USDT) and USD Coin (USDC) in the stablecoin market.
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