Ripple, a San Francisco company that provides digital asset infrastructure, has agreed to buy New York prime broker Hidden Road for nearly $1.3 billion.
“We are at an inflection point for the next phase of digital asset adoption – the U.S. market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance,” Brad Garlinghouse, Ripple’s CEO, said in a press release.
“With these tailwinds, we are continuing to pursue opportunities to massively transform the space, leveraging our position and the strengths of XRP to accelerate our business and enhance our current solutions and technology,” Garlinghouse added.
Ripple participated in Hidden Road’s Series B and is a customer of its platform. The deal is expected to close in the “coming months.”