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Blockchain payments company Ripple has expanded its services to include digital asset brokerage for US markets, about seven months after announcing plans to acquire Hidden Road.
In a notice on Monday, Ripple he said whose US-based institutional clients will be able to execute spot over-the-counter (OTC) transactions in multiple cryptocurrencies. The launch of the service followed Ripple’s the acquisition of the first crypto-friendly broker Hidden Road as part of a $1.25 billion deal disclosed in April and finished in October.
“The launch of OTC spot execution capabilities complements our existing suite of OTC derivatives and digital asset clearing services and positions us to provide US institutions with a comprehensive offering to suit their trading strategies and needs,” said Michael Higgins, international CEO of Ripple Prime and former executive of Hidden Road.
With the acquisition of Hidden Road, Ripple can effectively act as a multi-asset primary broker for crypto traders, offering OTC cross-margin spot transactions and shares, as well as OTC exchanges and CME futures and options. The expansion announcement came as Ripple did prepared to welcome its annual Swell conference in New York City.
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According to Nansen data, the price of XRP (XRP) has fell down by about 5% in the last 24 hours, from $2.50 to $2.37 at the time of publication.
Ripple is still a player in US politics
Some Ripple executives, including CEO Brad Garlinghouse, have developed close ties at the current White House.
In October, a Ripple representative attended a White House fundraising event for a 90,000-square-foot ballroom proposed by US President Donald Trump in July. The project, now estimated to cost $350 million, according to Trump, resulting in demolition of the historic East Wing of the White House.
The company also supported the political action committee (PAC) Fairshake, probably at least partially responsible for helping to elect dozens of candidates that it considered favorable to crypto policies in the 2024 US elections.
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