Prime Brokerage Firm Hidden Road has launched its Crypto Swap service for its US clients as it awaits regulatory approval for Ripple’s $1.25 billion acquisition.
Prime Broker Hidden Road has launched Crypto Swaps Prime Brokerage Services for US institutional clients, expanding access to commercially available cash-set swaps across major cryptocurrencies.
This new product is provided by Hidden Road’s British Arm, Hidden Road Partners Civ UK Ltd. This is regulated by financial conduct authorities. The latest upgrades will allow US-based agencies to perform OTC swaps in markets that the company says are “inadequate from a product perspective.”
“OTC swaps represent a significant portion of the global digital asset trading volume, but up until now, they have been barely available to US institutions. The launch of the SWAP Prime Broker feature for the US market will provide clients with access to an expanded range of products and solutions.”
Michael Higgins, International CEO and Head of Global Corporate Development at Hidden Road
Prime Broker Services offers cross-merging and finance tools. This states that it will help companies in institutional clients manage transactions and collateral more efficiently at multiple counterparties and positions.
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The rollout comes shortly after Hidden Road reached its contract in April and Ripple acquired it for $1.25 billion. Prior to the acquisition, Hidden Road received investments from Citadel Securities and other companies.
However, the deal is expected to close in the coming months as it will be subject to regulatory approval, the broker said. As Crypto.News previously reported, this transaction will be primarily on a cash basis and will be partially paid in XRP and Ripple stocks.
With support from Ripple, Hidden Roads said it will “exponentially expand its ability to serve the pipeline and become one of the world’s largest non-bank prime brokers.”
read more: Hidden Road protects broker-dealer licenses after the $1.25 billion Ripple acquisition
