Hidden Road

What Hidden Road does

Hidden Road is a multi-asset prime brokerage firm now operating as Ripple Prime following its $1.25 billion acquisition by Ripple Labs, completed in October 2025 and announced at Paris Blockchain Week in April 2025. The platform provides portfolio financing, risk-based margin financing, and multi-asset clearing across digital assets, FX, precious metals, exchange-traded derivatives, OTC swaps, and fixed income repo, processing over $3 trillion in annual clearing volume for 300+ institutional clients. Technology is anchored by a tech-led platform offering real-time risk management, efficient cross-margining, and scalable margin financing, with direct access to DTCC and NSCC clearing directories acquired in March 2026 — making Ripple the first crypto-native firm with such traditional finance settlement access. The platform integrates with RLUSD stablecoin (BNY Mellon as reserve custodian) and XRP Ledger infrastructure, accepting RLUSD as a cross-margin asset and XRP as formal institutional collateral with automated liquidation mechanisms.

The company generates revenue primarily through transaction fees on cleared trades and interest income from margin financing extended to institutional clients. Customer collateral has doubled and revenue has more than tripled since the acquisition, with average daily transactions exceeding 60 million and profitability achieved in 2025. Go-to-market is exclusively enterprise direct sales, targeting hedge funds, proprietary trading firms, asset managers, and banks. The client base includes Deutsche Bank, Société Générale, JPMorgan, and Aviva Investors on the bank/asset manager side, with venue integrations spanning EDX Markets, Coinbase Derivatives, Hyperliquid, and Bullish. The firm operates offices in New York and London, carries SOC 2 Type II compliance and a BBB investment-grade rating from Kroll (April 2026), and supplements its balance sheet with a $200 million debt facility from Neuberger Berman Specialty Finance to scale margin lending capacity.

Name

Hidden Road

Legal name

Hidden Road Partners

Website

https://hiddenroad.com

Company type

Private

Operating status

Acquired

Short description

Hidden Road (now Ripple Prime) is a global multi-asset prime brokerage platform providing clearing, portfolio financing, and risk-based margin financing across digital assets, FX, precious metals, and derivatives to 300+ institutional clients including hedge funds, banks, and asset managers.

Ownership category

akta.pro rank

Product category

Institutional Prime Brokerage

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (52321), Commodity Contracts Intermediation (52316)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Prime Brokerage (Multi-Asset Crypto) (FSADAJAA)

akta.pro secondary industries

Prime Financing & Credit Intermediation (Institutional) (FSADAJAH), Securities Lending, Borrow & Repo (Digital Assets) (FSADAJAG), Prime Brokerage Clearing (Clearing for Broker-Dealers) (FSABAJAF)

Keywords

• Institutional prime brokerage
• Multi-asset clearing
• Digital asset financing
• Margin lending services
• Crypto derivatives clearing

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Prime Brokerage Clearing Fees: Fees earned from clearing institutional trades across multiple asset classes including digital assets, FX, fixed income, precious metals, and derivatives. The platform processes over $3 trillion in annual volume across 300+ institutional clients.
2. Margin Financing: Interest income from extending margin loans to hedge funds and institutional traders. Ripple Prime secured a $200M credit line from Neuberger Berman to expand margin financing capabilities.
3. Portfolio Financing: Financing services for institutional portfolios including tri-party custody setups, OTC sponsored access, and direct market access.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Hidden Road operates as a global multi-asset prime broker providing clearing, portfolio financing, and risk-based margin financing to institutional clients across digital assets, FX, precious metals, exchange-traded derivatives, OTC swaps, and fixed income repo markets. Following its acquisition by Ripple Labs, the firm was rebranded as Ripple Prime and integrates with DTCC/NSCC clearing infrastructure, RLUSD stablecoin, and XRP as institutional collateral.

Product overview

Hidden Road operates as a specialized prime brokerage and liquidity provider that bridges institutional capital with cryptocurrency markets. Following Ripple's $1.25 billion acquisition (completed October 2025), Hidden Road was rebranded as Ripple Prime—the first global, multi-asset prime broker owned by a crypto company. The platform processes over $3 trillion in annual clearing volume across 300+ institutional clients and serves as the core product in Ripple's institutional infrastructure stack, complemented by Ripple Custody, Ripple Payments, Ripple Treasury (via GTreasury acquisition), and the RLUSD stablecoin. Ripple Prime provides portfolio financing, risk-based margin financing, and multi-asset clearing across digital assets, FX, precious metals, exchange-traded derivatives, OTC swaps, and fixed income repo, connecting traditional finance settlement rails through DTCC and NSCC directories.

Differentiator

Problem solved

Functional benefit

Products and services

• Ripple Prime Global multi-asset prime brokerage platform offering portfolio financing, risk-based margin financing, multi-asset clearing, and OTC sponsored access across digital assets, FX, precious metals, exchange-traded derivatives, OTC swaps, fixed income repo and more. Created through Ripple's $1.25 billion acquisition of Hidden Road.
• Ripple Treasury Corporate treasury platform integrating GTreasury enterprise software with blockchain infrastructure, enabling cross-border settlements in 3-5 seconds using RLUSD stablecoin versus several business days for traditional payments.

Quantifiable outcome

• Revenue tripled following Ripple Labs acquisition with clearing volume exceeding $3 trillion annually
• +3 more outcomes

Named customers9 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability2 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered strategic and core.

• Tenbin LabsstrategicStrategic or Co-development Partner · 1 January 2026Tenbin Labs partnered with Hidden Road and Ripple Prime to launch tokenized gold products, using CME futures markets for deeper liquidity. The partnership aims to tokenize gold, FX, and commodities with 30-second minting/redemption.
• EDX MarketscoreTechnology or Integration · 1 October 2025EDX Markets, a digital asset exchange venue, has been integrated with Ripple Prime for institutional trading. The partnership expands Ripple Prime's venue coverage for institutional clients accessing digital asset markets.
• Coinbase DerivativescoreTechnology or Integration · 1 October 2025Coinbase Derivatives platform integrated with Ripple Prime for institutional crypto derivatives trading access.
• HyperliquidcoreTechnology or Integration · 1 October 2025Perpetual exchange integrated with Ripple Prime, expanding institutional access to perpetual swap markets.
• BullishcoreTechnology or Integration · 1 October 2025Crypto exchange venue integrated with Ripple Prime for institutional trading and settlement services.
• BNY MelloncoreTechnology or Integration · 1 October 2025BNY Mellon serves as the primary reserve custodian for Ripple's RLUSD stablecoin, supporting institutional settlement and collateral management. BNY Mellon has $49.5 trillion in assets under custody.
• DTCC/NSCCcoreTechnology or IntegrationHidden Road gained direct access to DTCC and NSCC clearing directories, making Ripple the first crypto-native company with access to traditional financial clearing infrastructure.
• CME GroupstrategicTechnology or IntegrationTenbin Labs connects to CME futures markets through the Hidden Road/Ripple Prime partnership for deeper liquidity in tokenized asset products.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• FalconX: FalconX is a digital-asset prime brokerage offering institutional trading, financing, and clearing across crypto markets. It is the closest direct competitor to Ripple Prime in the institutional crypto prime brokerage space, with overlapping client base of hedge funds and trading firms.
• Galaxy Digital: Galaxy Digital operates an institutional crypto trading and prime brokerage business alongside trading, asset management, and mining. Its prime brokerage unit is one of the most direct comparables to Ripple Prime in scale and client mix.
• Cumberland (DRW): Cumberland is DRW's institutional crypto trading arm, providing market making, OTC, lending, and prime brokerage services. It serves a similar institutional client base and product set as Ripple Prime.
• Galaxy Digital Prime (TradeStation Crypto legacy): Galaxy's institutional prime brokerage unit (formerly known in part from legacy acquisitions) offers clearing and financing services comparable to Ripple Prime, focused on hedge funds and trading firms.
• Wintermute: Wintermute is a leading crypto-native market maker and OTC liquidity provider offering prime-style execution, lending, and structured products to institutional clients. It overlaps directly with Ripple Prime's OTC, financing, and clearing offering for trading firms.
• B2C2: B2C2 is one of the largest institutional crypto liquidity providers, offering OTC execution, lending, and prime brokerage-style services to trading firms. It is a direct competitor to Ripple Prime in institutional digital-asset liquidity and financing.
• Coinbase Prime: Coinbase Prime provides institutional custody, trading, and financing services for digital assets. It directly competes with Ripple Prime for hedge fund, asset manager, and trading-firm prime brokerage relationships in the U.S. and globally.

Emerging players

• Circle: Circle is the issuer of USDC and is building institutional settlement, custody, and treasury infrastructure. While not a direct prime broker, it competes with Ripple/Ripple Prime's RLUSD on stablecoin-based institutional settlement and collateral.

Broad incumbents

• Goldman Sachs Prime Brokerage: Goldman Sachs operates one of the largest traditional prime brokerage businesses and is actively expanding into digital assets. It is a broad incumbent competitor for both hedge fund financing and emerging crypto prime brokerage mandates.
• JPMorgan Prime Brokerage: JPMorgan runs a major prime brokerage franchise and is building digital-asset settlement and tokenization capabilities. It is both an existing Ripple customer and a broad incumbent that competes for institutional clearing and financing mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/hiddenroadhq
• LinkedInlinkedin.com/company/hiddenroad

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hidden Road