As Ripple’s Swell conference kicked off in New York this week, the company announced an expansion of OTC services following its October acquisition of a prime broker.
Blockchain payments company Ripple expanded its services to include digital asset spot prime brokerage for US markets, about seven months after announcing plans to acquire Hidden Road.
In a Monday notice, Ripple said that its US-based institutional clients would be able to execute over-the-counter (OTC) spot transactions across multiple cryptocurrencies. The launch of the service followed Ripple’s acquisition of crypto-friendly prime broker Hidden Road as part of a $1.25 billion deal disclosed in April and finalized in October.
“The launch of OTC spot execution capabilities complements our existing suite of OTC and cleared derivatives services in digital assets and positions us to provide US institutions with a comprehensive offering to suit their trading strategies and needs,” said Michael Higgins, international CEO of Ripple Prime and former Hidden Road executive.
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