As Ripple’s Swell conference kicked off in New York this week, the company announced an expansion of OTC services following its October acquisition of a prime broker.
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Blockchain payments company Ripple expanded its services to include digital asset spot prime brokerage for US markets, about seven months after announcing plans to acquire Hidden Road.
In a Monday notice, Ripple that its US-based institutional clients would be able to execute over-the-counter (OTC) spot transactions across multiple cryptocurrencies. The launch of the service followed Ripple’s as part of a $1.25 billion deal disclosed in April and .
“The launch of OTC spot execution capabilities complements our existing suite of OTC and cleared derivatives services in digital assets and positions us to provide US institutions with a comprehensive offering to suit their trading strategies and needs,” said Michael Higgins, international CEO of Ripple Prime and former Hidden Road executive.
With the acquisition of Hidden Road, Ripple can effectively act as a multi-asset prime broker for crypto traders, offering cross-margin OTC spot transactions and holdings, as well as OTC swaps and CME futures and options. The expansion announcement came as Ripple its annual Swell conference in New York City.
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According to data from Nansen, the price of XRP () has by about 5% over the last 24 hours, from $2.50 to $2.37 at the time of publication.
Some Ripple executives, including CEO Brad Garlinghouse, have to the current White House.
In October, a Ripple representative for a 90,000-square-foot ballroom proposed by US President Donald Trump in July. The project, now estimated to cost $350 million, according to Trump, of the White House’s historic East Wing.
The company has also backed the political action committee (PAC) Fairshake, likely at least partially responsible for helping elect dozens of candidates it considered favorable to crypto policies in the 2024 US elections.
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