Ripple-backed prime brokerage platform Hidden Road has secured a U.S. broker-dealer license from the Financial Industry Regulatory Authority (FINRA), further expanding its capabilities in the traditional financial sector. The license, granted to Hidden Road Partners CIV US LLC, comes just days after Ripple announced its $1.25 billion acquisition of the firm.
This regulatory approval marks a key milestone in Ripple’s broader strategy to integrate blockchain-based solutions into mainstream finance. The license enables Hidden Road to offer institutional clients a full suite of fixed-income prime brokerage services, including regulatory-compliant clearing, financing, and trade execution. By entering the U.S. broker-dealer space, Hidden Road strengthens its position as a global financial infrastructure provider at the intersection of traditional finance and digital assets.
Positioning for institutional scale
According to Hidden Road President Noel Kimmel, the license represents a pivotal moment for the company. “This step significantly enhances our ability to deliver fixed-income prime brokerage services at scale, while aligning with our long-term goal of serving the world’s largest institutional investors,” Kimmel said.
Hidden Road has quickly established itself as a leader in providing prime brokerage services for both traditional and digital assets. With the FINRA license, the company can now deepen its engagement with U.S.-based institutional investors who require access to fully regulated financial services. The expansion into the U.S. market comes as demand for integrated, multi-asset platforms continues to grow among hedge funds, family offices, and proprietary trading firms.
Backed by Ripple’s infrastructure and capital, Hidden Road aims to become one of the largest non-bank prime brokers globally. The firm plans to leverage Ripple’s blockchain ecosystem—particularly the XRP Ledger—to migrate post-trade operations and settlement processes, reducing operational costs and improving efficiency. Ripple’s blockchain will also support the automation of back-office workflows, helping Hidden Road scale its services while maintaining transparency and compliance.
First crypto-native firm to own multi-asset prime broker
With the acquisition, Ripple becomes the first crypto-native company to own and operate a multi-asset prime brokerage platform with an established institutional client network. The move positions Ripple to provide an end-to-end offering for institutional finance, spanning cross-border payments, advanced custody, and now, prime brokerage services.
The deal underscores Ripple’s push to deepen its presence in traditional financial markets while advancing the institutional adoption of crypto infrastructure. It also signals a growing trend of convergence between digital assets and legacy finance, as blockchain firms seek regulatory clarity and credibility through licensed entities.
“This acquisition is a strategic extension of Ripple’s enterprise business,” a Ripple spokesperson said. “It enables us to bring the benefits of blockchain technology to an even broader set of financial market participants.”
Ripple’s $1.25 billion acquisition of Hidden Road, announced on April 8, 2025, is one of the largest in the company’s history. The transaction is expected to close later this year, pending final regulatory approvals.
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