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Hidden Road Partners, the prime brokerage arm recently acquired by Ripple, has introduced cash-settled over-the-counter (OTC) cryptocurrency swaps for U.S. institutional investors. This marks a significant expansion of trading options in a market where such products have been scarce.
The service, launched on May 28 through Hidden Road's FCA-regulated UK entity, enables large-scale trades across multiple major digital assets without impacting exchange prices. Unlike typical exchange transactions, these private swaps allow institutions to execute 【billion-dollar】positions discreetly.
——"The U.S. digital asset market has been underserved product-wise for too long,"—— stated Hidden Road CEO Michael Higgins, noting that while OTC swaps account for substantial global crypto volumes, American institutions previously lacked access.
The launch follows Ripple's 【$1.25 billion】 acquisition of Hidden Road in April, positioning the XRP creator among few crypto firms operating a global multi-asset prime broker. Recent regulatory approvals including a FINRA broker-dealer license and Europe's pioneering MiCA certification (granted January 30) enabled this expansion.
Industry data shows OTC crypto volumes grew 【106%】 in 2023, with Higgins observing "accelerating demand from very large institutions" for cross-asset solutions. The service particularly appeals to hedge funds and family offices needing to balance traditional and digital asset exposures.
Interestingly, while Hidden Road declined to disclose current volume estimates, its infrastructure supports trades ranging from 【$10 million】 to institutional-scale transactions that could move public markets if executed elsewhere.
This move strengthens Ripple's foothold in institutional crypto services amid ongoing SEC litigation. By leveraging Hidden Road's regulatory approvals across the U.S., UK, and EU, the partnership creates a rare transatlantic bridge for compliant large-scale digital asset trading.
——Analysts suggest the timing capitalizes on growing institutional crypto adoption, with Bitcoin ETF approvals and clearer EU regulations reducing traditional finance's hesitation——