Hidden Road, Ripple’s recently acquired prime broker, has launched a new crypto trading service for U.S. institutional investors in earnest.
The service, announced on May 28, enables US customers to trade over-the-counter (OTC) cash-settled crypto swaps. The move is significant for both Ripple and the wider crypto industry, particularly in the U.S., where products of this nature have been scarce.
OTC cryptocurrency swaps are individual private trades between two parties, not through a public exchange. They tend to be employed for big trades, keeping institutions from suffering price volatility that might be caused by big trades in a public exchange.
The offering is being made through Hidden Road Partners, which is regulated by the Financial Conduct Authority (FCA) in the UK. This provides the service with a solid regulatory support in Europe and making it available to US clients.
Why Does This Matter?
Up to now, US institutions have had little choice when dealing with OTC crypto swap trading. In the words of Hidden Road CEO Michael Higgins, this segment of the market has been “underserved” in the U.S., even though it represents a substantial portion of global crypto trading.
OTC cryptocurrency trading has developed at a rapid pace. For example, the exchange Finery Markets noted a 106% growth in global institutional OTC volumes during 2023 alone. That indicates a definite need for such services among big investors.
Ripple’s Growing Influence
Ripple revealed it was buying Hidden Road in April 2025 for $1.25 billion, positioning Ripple as one of the first cryptocurrency companies to have a global, multi-asset prime broker in house. The purchase is part of Ripple’s broader effort to go beyond offering services based on XRP and into institutional finance.
Following the deal, Hidden Road also gained a broker-dealer license from the US Financial Industry Regulatory Authority (FINRA) and was among the first companies to obtain licensing under Europe’s MiCA crypto rules.
Also Read: XRP Price to Explode! Hidden Road Links Ripple to $11T DTDC
