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Ripple thinks its newly acquired prime brokerage, Hidden Road, will boost confidence in its tiny stablecoin, RLUSD. The $1.2 billion cash, equity, and XRP token deal is quadruple the value of RLUSD’s market capitalization. Unlike the $1-pegged RLUSD, the value of XRP is supposed to rally in response to positive developments. Unfortunately, XRP has declined in value today since CEO Brad Garlinghouse’s morning announcement of the company’s most expensive acquisition ever . Price of XRP since Brad Garlinghouse’s 8:06am NYC time zone tweet. Read more: PayPal and Ripple stablecoins still sub-1% despite ‘stablecoin gold rush’ According to Garlinghouse, Hidden Road will use Ripple’s RLUSD as collateral while prime brokering, “including cross-asset (crypto and traditional instrument) trades.”  Why Hidden Road couldn’t simply use another stablecoin to serve the same purpose wasn’t clear from the press release. ‘Efficient cross-margining’ despite man...

Ripple has announced it will acquire prime brokerage firm Hidden Road for $1.25 billion. The purchase is the most significant for the fintech company. Hidden Road currently clears more than $3 trillion yearly across various markets. The firm also caters to more than 300 institutional clients. The acquisition will see the migration of Hidden Road’s post-trade activity across XRP Ledger (XRPL). The move highlights the Ripple blockchain’s capabilities for institutional use. Also Read: US Dollar Under Siege as Central Banks Ramp Up Gold Reserves – What’s Next? Ripple Leading The Decentralization Movement Source: Bitcoinist Ripple CEO Brad Garlinghouse called the purchase “ one of the largest deals ever in the crypto space. “ Despite the large figure, Garlinghouse says the price tag is not the most important part. In an X post, he highlighted how the development presents a “ lifetime opportunity for crypto to access the largest and most trusted traditional marke...