Just a month after agreeing to be acquired by Ripple in a $1,25bn deal, digital assets prime broker Hidden Road has rolled out a suite of digital asset OTC swaps prime brokerage services for US-based institutional clients.
The new service enables clients to trade cash-settled OTC swaps across a wide range of major digital assets, which, according to a press statement, adds “critical infrastructure to a market that has historically lacked institutional-grade solutions”.
The product is being offered through Hidden Road Partners CIV UK Ltd, the firm’s FCA-regulated entity, and includes cross-margining and digital asset financing capabilities.
“The US digital asset market has long been under-served from a product standpoint,” said Michael Higgins, International CEO and Global Head of Corporate Development at Hidden Road. “OTC swaps account for a significant share of global digital asset trading volume, yet US institutions have had limited access—until now.”
Backed by Ripple’s balance sheet and infrastructure, Hidden Road is positioning itself to become one of the largest non-bank prime brokers globally, with the ability to scale swap and financing capabilities across markets. The acquisition is expected to close later this year, subject to regulatory approval.
The new swaps offering further extends Hidden Road’s suite of prime brokerage solutions, which already span both traditional and digital markets. Built on a modern, API-first architecture, the firm has reported strong uptake from hedge funds, market makers, and other institutional clients looking for integrated trading and clearing solutions across asset classes.
