The blockchain payment company Ripple has expanded its service offerings to provide high-quality brokerage services for digital asset spot trading in the U.S. market, following the company's announcement of plans to acquire Hidden Road about seven months ago.
Ripple announced on Monday that its U.S. institutional clients will be able to conduct over-the-counter spot trading of various cryptocurrencies through the platform. Previously, Ripple acquired the cryptocurrency-friendly broker Hidden Road for $1.25 billion, a deal that was made public in April and completed in October.
"The launch of over-the-counter spot execution capabilities complements our existing suite of digital asset over-the-counter trading and settlement derivatives services, allowing us to provide comprehensive services to U.S. institutions to meet their trading strategies and needs," noted Ripple's International CEO of Prime Services, Michael Higgins, who was a former executive at Hidden Road.
Through the acquisition of Hidden Road, Ripple can effectively act as a multi-asset prime broker for cryptocurrency traders, offering cross-margin over-the-counter spot trading and holding, as well as over-the-counter swaps and CME futures and options. The announcement of this expansion comes as Ripple prepares to host its annual Swell conference in New York.
According to Nansen, the price of XRP has dropped by about 5% in the past 24 hours, falling from $2.50 to $2.37 at the time of writing.
Some Ripple executives, including CEO Brad Garlinghouse, have established close ties with the current White House.
In October, a representative from Ripple attended a fundraising event hosted by the White House aimed at raising funds for a project to build a 90,000-square-foot banquet hall proposed by U.S. President Donald Trump in July. According to Trump, the project is currently expected to cost $350 million and will result in the demolition of the historic East Wing of the White House.
The company also supports the political action committee (PAC) Fairshake, which may help elect dozens of candidates deemed favorable to cryptocurrency policy in the 2024 U.S. elections, at least to some extent.
Related: Despite the upcoming Ripple Swell event, the price of XRP continues to decline.
Original: “Ripple Launches Cryptocurrency Spot Prime Brokerage Services”
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