Alright, listen up, folks! Hidden Road, now proudly parading as Ripple Labs’ new toy, just got the golden ticketāa broker-dealer license from the Financial Industry Regulatory Authority. Fancy, huh? This means they can cozy up to those big, fancy institutional investors without choking on their champagne bubbles.
License to Thrill (and Bill)
Bloomberg spilled the beans that with this shiny new badge, Hidden Road can now strut its stuff for the big kidsāprime brokerage, clearing, financingāyou name it! Fixed-income assets? Oh yeah, theyāre in the money-making game now, like a Hollywood agent but for bonds and stuff.
President Noel Kimmel, sounding like heās just been handed the keys to Sbarro, says this license rockets them into the major leagues. Now they get to play with a wider range of customers, kind of like a buffet but with less pizza and more cash.
Oh, and get this: they wanna ditch the old-school bank modelābecause who wants a boring bank, right? Now theyāre straddling the digital wild west and the stodgy traditional markets like a cowboy banker with one boot in the crypto saloon.
Hidden Road started in 2018, thanks to Marc Asch, who bounced around SAC Capital and Point72 before deciding, āHey, letās do digital assets and forex because why not confuse everyone?ā
And if youāre wondering whoās got their backā$50 million raised in 2022, with Citadel Securities, Coinbase Ventures, and Wintermute throwing their hats in the ring. Basically, all the cool kids wanted in. Institutional big shots finally took notice so Hidden Road stopped being the mysterious kid in crypto class.
Rippleās Big Wallet Boosts Hidden Roadās Swagger
Ripple Labs slapped down $1.25 billion to score Hidden Road, making it Rippleās biggest splurge so far. Noel says this dealās like giving a kid a jetpackāno more small fry problems, just big fish swimming in a bigger pond.
Whatās next? Hidden Roadās gonna use Rippleās RLUSD stablecoin as collateral. Thatās finance-speak for “money backed by money, backed by even more money.” Plus, post-trade operations are moving to Rippleās XRP Ledger, probably so they can settle trades faster than you can say āblockchain, shmolckchain.ā
And wait, thereās more! Hidden Road also got the golden ticket to join the Fixed Income Clearing Corporation. Soon, theyāll be offering repurchase agreements and other fancy funding tricksālike a magician pulling new tricks out of a crypto hat.
Basically, Hidden Road is gearing up to be the James Bond of institutions needing both digital bling and traditional greenbacks. Thanks to Ripple Labsā acquisition and this shiny broker-dealer license, weāre talking bigger, badder moves ahead.
Oh, and this aināt just a local affair. Ripple teamed up with Chipper Cash to storm the African market, zapping cross-border payments to be faster and cheaper. Think of it as global money teleportation, minus the sci-fi movie budget.
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2025-04-17 20:32