PANews reported on October 24th that Ripple officially announced the completion of its acquisition of Hidden Road, now renamed Ripple Prime. Hidden Road previously provided institutions with clearing, prime brokerage, and foreign exchange (FX), digital assets, derivatives, swaps, and fixed income financing services. This acquisition will make Ripple the first crypto company to own and operate a global multi-asset prime broker.

Since the acquisition announcement, Ripple Prime's business has tripled and is expected to grow further. Ripple Prime will enhance the utility and reach of Ripple's stablecoin, RLUSD. Currently, RLUSD is used as collateral for a variety of prime brokerage products, and some derivatives clients have already chosen to hold RLUSD.