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Ripple has completed its acquisition of Hidden Road, which has since been rebranded as Ripple Prime.
BlockBeats News, October 24th, Ripple announced the completion of the Hidden Road acquisition, which has now been rebranded as Ripple Prime. Hidden Road previously provided institutions with services including settlement, prime brokerage, foreign exchange (FX), digital assets, derivatives, swaps, and fixed income financing. This acquisition will make Ripple a cryptocurrency company that owns and operates a global multi-asset prime brokerage.
Since the acquisition announcement, Ripple Prime's business has grown threefold, with further growth expected. Ripple Prime will enhance the utility and coverage of Ripple's stablecoin RLUSD. Currently, RLUSD has been used as collateral for various prime brokerage products. Some derivative clients have opted to hold RLUSD.
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