Ripple Expands Into Crypto Spot Prime Brokerage With New OTC Services

• Ripple launches crypto spot prime brokerage services for U.S. institutional clients
• Expansion follows the $1.25 billion acquisition of Hidden Road finalized in October
• Clients gain access to OTC spot trading across multiple cryptocurrencies
• Ripple becomes a multi-asset prime broker, offering swaps, futures, and cross-margin trading
• Announcement made during Ripple’s Swell conference in New York
• Ripple continues to play an active role in U.S. crypto policy and politics

Ripple, the blockchain payments giant behind the XRP token, has officially stepped deeper into the institutional crypto space with the launch of its digital asset spot prime brokerage services in the United States. The move, which comes on the heels of its $1.25 billion acquisition of prime broker Hidden Road, reflects Ripple’s growing ambition to establish itself as a full-scale infrastructure provider for institutional crypto trading.

Through the new offering, Ripple’s U.S.-based institutional clients can now execute over-the-counter (OTC) spot transactions across multiple cryptocurrencies. This development gives clients direct access to deeper liquidity and improved trade execution, reducing slippage and counterparty risk — key requirements for institutional traders.

Ripple said the launch builds upon Hidden Road’s expertise in prime brokerage, a model that allows traders to consolidate their crypto exposure and risk management under a single platform. This enables cross-margin OTC spot transactions, OTC swaps, and CME futures and options, making Ripple one of the few blockchain-native companies offering such a comprehensive suite of trading services.

According to Michael Higgins, Ripple Prime’s international CEO and a former executive at Hidden Road, this marks a major milestone in Ripple’s evolution:

“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 U.S. institutions with a comprehensive offering to suit their trading strategies and needs.”

The announcement was made as Ripple hosted its annual Swell conference in New York, a high-profile event where the company often unveils key product launches and partnerships. The timing underscores Ripple’s push to redefine its public image from a cross-border payments firm to a broader crypto financial infrastructure provider.

This expansion also strengthens Ripple’s hand in the institutional markets — an area that’s becoming increasingly competitive as traditional finance players enter crypto. Firms like Coinbase, Galaxy Digital, and Fidelity have been vying for institutional market share, but Ripple’s advantage lies in its existing global payment network, its deep liquidity through XRP markets, and now, its prime brokerage capabilities.

Meanwhile, market data from Nansen shows that the price of XRP dropped by about 5% in the past 24 hours, sliding from $2.50 to $2.37 around the time of the announcement. Analysts suggest the dip could be temporary as markets adjust to the long-term implications of Ripple’s expansion into prime brokerage.

Outside the trading floor, Ripple remains active in U.S. crypto politics and policy-making. CEO Brad Garlinghouse and other executives have fostered ties with the current administration. In October, Ripple representatives reportedly attended a White House fundraising event tied to a major ballroom construction project proposed by President Donald Trump — a move that highlights the company’s proximity to Washington’s decision-makers.

Ripple has also funded the Fairshake political action committee (PAC), which helped support pro-crypto candidates during the 2024 U.S. elections. This political engagement positions Ripple not just as a market player, but also as a key voice in shaping the regulatory environment for digital assets.

Final Thought

Ripple’s entry into crypto prime brokerage marks a transformative leap for the company and a sign of how rapidly the institutional crypto landscape is maturing. By combining payment infrastructure, OTC trading, and prime brokerage services under one umbrella, Ripple is positioning itself as a major bridge between traditional finance and decentralized markets. If executed effectively, this move could cement Ripple’s status as a central hub in the next phase of global digital asset liquidity.