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crypto.news 2025-05-29 06:36:15

Citadel Securities-backed Hidden Road rolls out OTC crypto swaps for US institutions

The prime brokerage firm Hidden Road has launched crypto swap services for U.S. clients as it awaits regulatory approval for its $1.25 billion acquisition by Ripple. Prime broker Hidden Road has launched crypto swaps prime brokerage services for institutional clients in the United States, expanding access to over-the-counter cash-settled swaps across leading cryptocurrencies. The new product is provided by Hidden Road’s British arm, Hidden Road Partners CIV UK Ltd., which is regulated by the Financial Conduct Authority. With the latest upgrade, U.S.-based institutions will now be able to execute OTC swaps in a market that the company says has 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.” Michael Higgins, International CEO and Global Head of Corporate Development for Hidden Road The prime brokerage service offers cross-margining and financing tools, which the firm says may help institutional clients manage trading and collateral more efficiently across multiple counterparties and positions. You might also like: Ripple, Hidden Road deal exemplifies crypto’s TradFi takeover: Coin Bureau CEO The rollout comes shortly after Hidden Road reached a deal in April to be acquired by Ripple for $1.25 billion. Before the acquisition, Hidden Road had received investments from Citadel Securities and other firms. The deal, however, is expected to close in the coming months as it’s still subject to regulatory approvals, the broker said. As crypto.news reported earlier, the deal will be primarily cash-based, along with a portion paid in XRP and Ripple stock. With Ripple’s backing, Hidden Roads says it will “exponentially expand its capacity to service its pipeline and become one of the largest non-bank prime brokers globally.” Read more: Hidden Road secures broker-dealer license days after $1.25b Ripple acquisition

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