Ripple's Secret Path Secures FINRA's Approval, Aims for Market Growth
In a move that is set to reshape cross-asset trading and revolutionise financial transactions, Ripple, a leading cryptocurrency company, has announced the acquisition of Hidden Road, a brokerage firm specialising in fixed-income prime brokerage offerings.
Hidden Road, known for operating a prime brokerage and credit network, clearing over $10 billion in daily transactions for more than 300 institutional clients, has joined the Financial Industry Regulatory Authority (FINRA). This move is seen as a strong commitment to upholding compliance standards and safeguarding investors. Telos Capital Advisors, an investment bank based in Dallas, noted that joining FINRA enhances the credibility of registrants with investment bankers.
With the backing of Ripple's significant balance sheet, Hidden Road is poised to become the largest non-bank prime broker globally. The integration of Hidden Road into Ripple's operations will leverage the strengths of XRP and the XRP Ledger. Hidden Road will begin using the XRP Ledger (XRPL) for clearing a portion of its trades, and the prime brokerage services provided by Hidden Road will now incorporate RLUSD as collateral.
Noel Kimmel, President of Hidden Road, announced the potential collaboration with Ripple. He expressed his excitement about the partnership, stating that it is a major step towards bridging traditional and decentralised finance. The industry is watching closely as Ripple and Hidden Road push for a more interconnected financial future.
The partnership is expected to enhance liquidity, creating a more efficient global financial ecosystem for both digital and traditional markets. The merger between Ripple and Hidden Road marks a significant milestone in the crypto industry, being one of the largest in crypto history. The collaboration is set to reshape cross-asset trading by combining Ripple's blockchain technology with Hidden Road's prime brokerage services.
The SEC is currently weighing the commodity status of XRP amid talks with Ripple Labs. The partnership between Ripple and Hidden Road is expected to have a profound impact on the future of financial transactions. The industry eagerly awaits the outcome of these discussions and the potential implications for the future of finance.
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