Ripple Prime Clients Gain Access to Spot Crypto Trading

XRP-linked fintech Ripple has begun allowing US customers to access spot trading for dozens of cryptocurrencies through its Ripple Prime service, the company. he said in a blog post on Monday.

The addition of digital asset brokerage capabilities follows Ripple’s acquisition of Hidden Road, a leading multi-asset brokerage earlier this year. Ripple he said which was buying the platform for $1.25 billion in April.

In Monday’s announcement, Ripple said Prime customers will be able to access “dozens of the most prominent digital assets,” including Ripple’s XRP and RLUSD. stablecoinwhat you do debuted in December. The assets had a market capitalization of $142 billion and $1 billion, respectively, on Monday, according to the crypto data provider. CoinGecko.

Although Ripple’s business has focused on the XRP ecosystem for years, the move is likely to happen Bitcoin, ethereumand Solana accessible to enterprise customers. In a statement, Ripple Prime International CEO Michael Higgins said the service is in line with Prime’s other offerings.

“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 business strategies and needs,” he said.

Decrypt has reached out to Ripple for clarification and comment.

Through Ripple’s first brokerage, institutions can access foreign exchange trading, as well as precious metals, in addition to synthetic assets and over-the-counter swaps. Ripple’s main brokerage also allows customers to borrow money to trade derivatives​​​​​​​​ and crypto on margin.

In April, Ripple CEO Brand Garlinghouse he said on X that the first brokers like Hidden Road “proved themselves a him trusted intermediaries for the largest hedge funds, market makers, OTC desks, quantum traders,” noting that Ripple was a customer for years.

Garlinghouse said that Hidden Road, under its new owners, will use the XRP Ledger to clear some of the trades. However, it highlighted Hidden Road’s ability to promote the adoption of RLUSD as a form of collateral in different types of markets and business strategies.

As Ripple adapts to a more supportive regulatory environment, the company has gone on a spending spree. Last month, Garlinghouse noticed that Ripple has unveiled “5 major acquisitions” in about two years, covering sectors such as custody and corporate treasury management.