Ripple has officially launched over-the-counter (OTC) crypto swaps within the United States through its prime brokerage, Hidden Road, as the firm enters institutional crypto finance. Unveiled on May 28, this is Ripple’s first significant product launch since its acquisition of the firm for $1.25 billion in April 2025.
This allows institutional clients in the U.S. to trade cash-settled OTC swaps referencing top digital assets as a discreet and efficient alternative to public exchange trading. These trades are designed to accommodate large transactions without affecting the broader market.
The Hidden Road Partners CIV UK Ltd is a product regulated by the United Kingdom’s Financial Conduct Authority (FCA). This also includes cross-margining and financing services for digital assets, giving institutions further ways to manage exposure and capital.
Hidden Road’s Global CEO Michael Higgins stated that there has not been access to these types of institutional products in the U.S. market for a long time.
Investment in OTC swaps has largely been sidelined by U.S. institutions, despite accounting for the majority of global trading volumes. “We’re changing that,” said Higgins.
A report by Finery Markets noted that institutional OTC trading volumes grew by 106% in 2023, showing an increased demand for secure and scalable crypto infrastructure.
Ripple’s Vision for a Prime Brokerage Platform
Ripple is building a full-service multi-asset prime brokerage platform, and this launch is a crucial element. Hidden Road clears over $3 trillion annually and has over 300 clients globally across foreign exchange (FX), digital assets, and fixed income.
Ripple’s integration plans go beyond the swap launch. The firm is gearing up to launch RLUSD, a stablecoin that will have applicability for collateral and cross-margining between traditional and crypto assets. Post-trade operations are projected to be transferred on the XRP Ledger to reduce settlement times and improve efficiency.
Regulatory Progress and Global Ambitions
Hidden Road has also achieved important regulatory milestones. In the United States, a broker-dealer license from the Financial Industry Regulatory Authority (FINRA). Through Ripple’s backing, Hidden Road is well-positioned to scale its operations and bridge the gap between traditional finance and blockchain technology.
It became one of the first companies in Europe to be given a Markets in Crypto-Assets (MiCA) license after regulation took effect in late 2024. U.S. Alternatively, the crypto swap opens the door to more institutional experiences, enabling September 12 trading in the bigger crypto market.
