Ripple’s Hidden Road Unleashes Institutional Swaps Across US

Ripple’s Strategic Strike: Prime Brokerage Just Changed Forever in the US

Ripple-backed Hidden Road announced on May 28 the rollout of its digital asset swaps prime brokerage services for institutional clients in the United States. The newly introduced offering enables clients in the U.S. to execute cash-settled over-the-counter (OTC) swaps tied to a wide array of prominent digital assets. The product is being delivered through Hidden Road Partners CIV UK Ltd., the group’s United Kingdom-based entity regulated by the Financial Conduct Authority (FCA). The launch also includes new cross-margining and financing features for digital assets.

Michael Higgins, International CEO and Global Head of Corporate Development for Hidden Road, underscored the market gap this new service intends to address. He stated:

The United States digital asset market has long been under-served from a product standpoint. While OTC swaps represent a significant portion of digital asset trading volumes globally, until now, they were largely unavailable to U.S. institutions.

“With the launch of our swap prime brokerage capabilities for the United States market, we can provide clients with access to an expanded range of products and solutions,” he added. The move provides new avenues for institutional investors in the U.S. to access structured and hedged digital asset positions, which had previously been restricted. In April, Hidden Road Partners CIV US LLC received authorization from the Financial Industry Regulatory Authority (FINRA) to operate as a broker-dealer.

This development comes shortly after Hidden Road reached a definitive acquisition agreement with Ripple in April 2025, valuing the deal at $1.25 billion. The acquisition, pending regulatory approval, is expected to significantly elevate Hidden Road’s operational reach and market competitiveness. Backed by Ripple’s infrastructure and capital, the firm aims to scale up and become one of the leading non-bank prime brokers globally. The launch of U.S. digital asset swap services is a central part of that strategy, aiming to fill unmet institutional demand in the rapidly evolving crypto financial services landscape.