- Ripple Managing Directors has revealed that XRP Ledger(XRPL), will be used for Hidden Road prime brokerage’s services.
- Ripple is a US Broker-Dealer and has a license issued by the Financial Industry Regulatory Authority.
It is not a recent updateCNF has discussed Ripple’s decision to purchase the premier brokerage Hidden Road. The report stated that the $1.25 billion deal was one of the largest acquisitions ever in the history of crypto. Cassie Craddock has revealed that Ripple’s Managing Director of the UK and Europe for Cassie Craddock said the XRP Ledger would be a vital part in this operation, acting as a for post-trade. “all Hidden Road’s prime brokerage services”.
Craddock describes the expected outcomes of this acquisition. disclosed Hidden Road will have 300 clients in the institutional sector. This would be no problem as Hidden Road is well positioned and aligned to meet these client’s needs, including enterprise-grade solutions for digital assets.
Our solutions will allow these customers to benefit. Our focus is on solving problems that are real for our banking clients and institutions, while we continue to develop use cases and utilities for digital assets.
Ripple Updated License and More Information About Craddock’s Submission
XRP users reacted with positive reactions to the news, but others were unclear about her use of XRPL in post-trades.
Crypto Eri clarified this confusion by explaining that this is about how XRPL would handle transactions. Crypto Eri says that a good example would be to settle trades, move Ripple’s stablecoin RLUSD as collateral and data related processes.
Ripple has received this information just days after obtaining approval to be a US broker dealer from Financial Industry Regulatory Authority. In other media reports it was also stated that a license had been granted to Hidden Road Partners CIV US LLC, a subsidiary of Ripple. It is possible that the company could increase its prime fixed-income brokerage platform. Noel Kimmel is the company’s president. He believes that this would be a major step in enhancing the firm’s capabilities on the traditional financial market.
The development of Hidden Road’s Fixed Income Prime Brokerage platform is significant and strengthens Hidden Road’s capabilities on traditional financial market.
Hidden Road was established in 2018. In the past few years, Hidden Road has grown to be capable of clearing over $3 trillion annually in multiple markets. Brad Garlinghouse of Ripple highlighted the fact that it is not a merger but an acquisition. “big deal for Ripple and the industry at large”. He said that bridging between the traditional financial market and the cryptocurrency market requires the support of an infrastructure at the top level.
As a technical matter, XRP will benefit greatly from this purchase. This acquisition is expected to benefit XRP in a big way. highlighted Our last analysis predicted XRP to reach $15 if some key events that were outlined came true. Analysts believe an Exchange Traded Fund could also be approved in the near future, positioning XRP’s price to rise. discussed earlier.
At the time of publication, XRP had surged to $2.1. 3% In the past 24 hours,
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Source: www.crypto-news-flash.com
