Hidden Road

Hidden Road is the global credit network for institutions, providing technology-driven prime brokerage, clearing, and financing services across both traditional and digital asset markets. Acquired by Ripple in October 2025 for $1.25 billion in one of the largest deals in the digital assets space, Hidden Road now operates as Ripple Prime.

Core Services

Hidden Road delivers comprehensive institutional-grade services spanning prime brokerage, clearing, and financing. Their unified platform provides real-time risk management across multiple venues, products, and asset classes. The company specializes in three main service areas: Prime Brokerage (covering FX & precious metals, digital assets via exchanges and OTC, and synthetics/OTC swaps), Clearing (derivatives clearing for futures and options, sponsored access and direct market access), and Financing (derivatives margin financing and digital asset margin financing).

Technology & Infrastructure

Built on a modern, quant-driven technology stack, Hidden Road's proprietary infrastructure minimizes counterparty and credit risk while enabling greater scalability than legacy prime services providers. The platform enables real-time risk management across venues, products, and asset classes, both traditional and digital. The company operates with a strong capital base and governance structure, enhanced significantly following the Ripple acquisition.

Market Position & Recognition

Hidden Road has established itself as a leading provider in the institutional digital asset space, earning recognition as "Prime Broker of the Year: Specialist Markets" in the Hedgeweek US Awards 2025. The company maintains a global presence with offices across BVI, New York, Palo Alto, Chicago, London, Amsterdam, Singapore, and São Paulo. With Ripple's backing and significant balance sheet, Hidden Road is positioned to become one of the largest non-bank prime brokers globally.

Regulatory Achievements

The company has achieved significant regulatory milestones, including FINRA approval for a broker-dealer license in April 2025 and in-principle approval from ADGM (Abu Dhabi Global Market) for its Abu Dhabi entity in May 2025. These licenses enable expansion into new products, asset classes, and geographical markets.

Conflict-Free Business Model

Hidden Road operates with a unique conflict-free approach, not competing with clients in any capacity and maintaining no conflicts of interest with counterparties, custodians, or trading venues. Their sole mission is to become the leading global credit network for institutions, focusing exclusively on enabling institutional access to both traditional and digital markets through prime brokerage, clearing, and financing services.