Ripple Labs Inc. announced on Tuesday that it will acquire prime broker Hidden Road for $1.25 billion, a deal that would represent one of the largest transactions in the digital assets sector.
The crypto company further said that the agreed acquisition will reinforce the position of Ripple USD, a US dollar-pegged stablecoin, and make it "the first stablecoin to enable efficient cross-margining between the digital asset space and traditional markets." The transaction is expected to close in the next few months, the company noted.
"Together with Ripple, we're bringing the same level of trust and reliability that institutional clients are accustomed to in traditional markets — designed and optimized for a digital world," Hidden Road CEO Marc Asch commented.
