Ripple has announced that it is renaming Hidden Road to Ripple Prime.
Ripple has formally completed the acquisition process it announced throughout the summer, having bought out the brokerage platform for a reported $1.25B.
The team plans to use the RLUSD stablecoin internally to help clear faster trading settlement times across assets, which itself has nearly reached a $1B overall supply across 2 chains: Ethereum and XRPL.
Here is an excerpt from their announcement:
Ripple Prime will significantly enhance the utility and reach of Ripple’s stablecoin, RLUSD. Today, RLUSD is being used as collateral for a number of prime brokerage products. Certain derivatives customers have already opted to hold their balances in RLUSD, which is expected to grow substantially in the coming months.
The company behind the top 5 crypto asset $XRP has been behind some of the largest acquisition in the industry, with another recently announced focusing on treasury management for enterprises – GTreasury – helping clients with cashflow forecasting, FX risk management and more end-to-end corporate solutions.
