Hidden Road, a company under Ripple, announced a major move: officially launching the primary brokerage service for digital asset swaps to institutional investors in the United States. Through its UK entity regulated by the UK Financial Conduct Authority (FCA), the service will offer cash-settled over-the-counter (OTC) swap products, directly addressing the long-standing product shortage problem in the US market.
Founded in 2018, Hidden Road was previously deeply engaged in the digital asset and foreign exchange markets, with an annual clearing transaction volume of over 3 trillion US dollars and serving more than 300 institutional clients. In April 2025, Ripple completed its acquisition for 1.25 billion US dollars. The launch of this new service is a crucial step after the integration.
The services launched this time not only include digital asset swap products, but also come with cross-margin and financing solutions. In simple terms, American institutional investors can conduct swap transactions of mainstream digital assets such as Bitcoin and Ethereum through this platform, manage risks or pursue returns in cash settlement, and do not need to directly hold cryptocurrencies.
American institutions have long lacked compliant digital asset swap tools, and their demands have not been met. A relevant person in charge of Hidden Road said that by providing services through FCA-regulated entities, it can not only ensure that transactions comply with international compliance standards, but also create a safer transaction environment for customers. This innovation not only lowers the threshold for traditional financial institutions to enter the crypto market, but also provides existing customers with a new path for asset allocation.
Industry observers pointed out that Hidden Road’s move might trigger a trend in the industry and push more financial institutions to develop similar compliant products. With the development of the digital asset market, such tools will become an important link connecting traditional capital with the crypto field. Meanwhile, Ripple is steadily advancing its strategic goal of “integrating traditional finance with the blockchain ecosystem” through acquisitions and business expansion.
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