In the latest XRP news, Ripple has introduced ‘Ripple Prime,’ which it plans to integrate into its payment services. This follows the completion of the $1.25 billion Hidden Road deal, after the crypto firm agreed to acquire the prime brokerage earlier in the year.
Ripple Introduces Ripple Prime For Its Payment Services
The crypto firm announced in a blog post that Hidden Road is now Ripple Prime. This came as they announced they had completed the $1.25 billion acquisition of the prime brokerage firm.
Notably, Ripple had first announced its intent to acquire Hidden Road in April, stating that the deal was subject to regulatory approval. With the acquisition now complete, the crypto firm noted that this marks an “exciting new chapter” as they become the first crypto company to own and operate a global, multi-asset prime broker.
The firm further stated that this brings the promise of digital assets to institutional customers at scale. Ripple added that its foundational digital asset infrastructure across payments, crypto custody, and stablecoin, as well as its use of XRP, will complement the services it offers within Ripple Prime.
The prime broker will also look to leverage blockchain capabilities to streamline operations and optimize costs in the future. It is worth noting that Ripple has continued to expand its operations this year through several acquisitions and partnerships.
As CoinGape reported, the crypto firm recently announced the acquisition of GTreasury for $1 billion. It also announced the acquisition of stablecoin platform Rail in August earlier this year.
What This Means For RLUSD Stablecoin
The crypto firm stated that Ripple Prime will significantly enhance the utility and reach of the RLUSD stablecoin. They noted that the stablecoin already serves as collateral for some prime brokerage products. The firm added that certain derivative customers have already chosen to hold their balances in RLUSD, and it expects this to grow substantially in the coming months.
Ripple alluded to the RLUSD’s “robust regulatory compliance,” which they claimed has made it widely trusted by institutions. Notably, Bluechip ranked RLUSD as the top stablecoin, earning an ‘A’ rating for stability, governance, and asset backing.
The crypto firm earlier this year announced its partnership with the Bank of New York Mellon Corporation (BNY), which serves as the primary reserve custodian of RLUSD. Ripple reiterated that this underscores their commitment to meeting the highest expectations of institutional users and regulators.
TechCrunch founder Michael Arrington revealed that they are on board with Ripple Prime, noting that the platform offers several “incredible tools” for their business as a hedge fund. He added that the Hidden Road acquisition may be the best acquisition Ripple has made so far.
Source: https://coingape.com/xrp-news-ripple-unveils-ripple-prime-after-closing-1-25b-hidden-road-deal/
