Secretive Path Obtains Broker-Dealer License Amidst Progress in Ripple Buyout Agreements
Hittin' the Big Time: Hidden Road's Broker-Dealer Status Approved, Hitting the Bullseye
Congrats are in order for Hidden Road! They've nabbed the green light from the Financial Industry Regulatory Authority (FINRA) to operate as a broker-dealer in the US. The company revealed this on a good Thursday, with their subsidiary, Hidden Road Partners CIV US LLC, receiving the nod.
Here's a fun fact: Hidden Road scored this U.S. broker-dealer status hot on the heels of getting acquired by Ripple in a cool $1.25 billion deal, announced just a while back. The deal is still under the regulatory microscope, but it's expected to close in no time.
Post-acquisition, Hidden Road's sights are set high. They're aiming to become one of the top non-bank prime brokers, ruling the roost in both traditional banking and blockchain-based financial sectors. With FINRA's blessing and Ripple's support, they're in a prime position to expand.
President Noel Kimmel describes this move as a significant upgrade for Hidden Road, beefing up their traditional finance capabilities. "This is a massive leap in the development of Hidden Road's fixed income prime brokerage platform. It's a serious upgrade to our traditional financial market offerings," he said.
Speaking of Ripple, they've got a keen eye on Hidden Road's post-trade operations. Ripple, known for its work on the XRP Ledger (XRPL), is planning to move these processes to XRPL. Both companies are hoping to speed up settlement times and reduce operational costs.
With its new license, Hidden Road is gearing up to expand its fixed income prime brokerage services, focusing on clearing, financing, and compliance-based offerings designed specifically for institutional clients. So, if you're a big-time player in the finance world, Hidden Road might just be your new best friend.
References:[1] Coindesk - https://www.coindesk.com/ Ripple acquires $1.2 billion prime brokerage Hidden Road[2] Finance Magnates - https://financemagnates.com/ Ripple Acquires Hidden Road for a Whopping $1.25 Billion[3] Business Insider - https://www.businessinsider.com/ Ripple acquires Hidden Road for $1.25 billion to expand presence in crypto infrastructure[4] Yahoo Finance - https://finance.yahoo.com/news/ Ripple acquires Hidden Road for $1.25 billion to expand its crypto infrastructure business[5] Finextra - https://www.finextra.com/ Ripple acquires Hidden Road for $1.25 billion in a bid to bolster blockchain infrastructure
- Hidden Road, with its newly announced broker-dealer status, aims to know the inner workings of traditional banking and the blockchain-based financial sector, striving to become a top non-bank prime broker.
- Ripple, having announced its acquisition of Hidden Road, is planning to clear the path for post-trade operations by moving them to the XRP Ledger (XRPL), with the goal of enhancing settlement times and lowering operational costs.
- With FINRA's clearance and Ripple's support, Hidden Road is poised to expand its fixed income prime brokerage services, focusing on financing, compliance, and offerings customized for institutional clients, aiming to attract big-time players in the finance world.
