Hidden Road, a recently acquired prime brokerage by Ripple, has officially launched cash-settled over-the-counter (OTC) crypto swaps for institutional clients in the United States—marking one of the first major product rollouts since the acquisition.
Announced on May 28, this new offering enables U.S.-based institutional investors to engage in OTC swaps involving a range of leading cryptocurrencies. The product is provided through Hidden Road Partners, an entity regulated by the United Kingdom’s Financial Conduct Authority (FCA).
A Major Step Following Ripple’s Acquisition
The launch follows Ripple’s $1.25 billion acquisition of Hidden Road in April 2025, positioning Ripple as one of the first crypto-native companies to own and operate a global, multi-asset prime brokerage. This move significantly strengthens Ripple’s presence in institutional finance and expands its capabilities beyond XRP and payment rails.
Limited U.S. Access to OTC Swaps Begins to Shift
OTC crypto swaps, which are privately negotiated trades between two parties outside of traditional exchanges, are commonly used for large-volume transactions to minimize price disruption. Although they represent a substantial share of global digital asset trading, such products have been largely inaccessible to U.S. institutions—until now.
Michael Higgins, Global CEO of Hidden Road, emphasized this gap in the market:
“The United States digital asset market has long been underserved from a product standpoint.”
While Higgins did not disclose specific trading volume figures, prior data from Finery Markets indicated a 106% increase in institutional OTC trading volume in 2023, signaling growing interest in private crypto markets.
Rising Institutional Appetite for Digital Asset Products
In a December 2024 interview with Finance Magnates, Higgins discussed the growing demand from large institutions seeking access to both traditional and digital financial ecosystems:
“Servicing institutional clients across converged markets presents a unique opportunity for us.”
The U.S. launch of Hidden Road’s OTC swaps reflects this rising demand and is among the first tangible initiatives rolled out since Ripple finalized the acquisition agreement.
Regulatory Milestones Enhance Global Reach
Shortly after the acquisition announcement, Hidden Road secured a broker-dealer license from the Financial Industry Regulatory Authority (FINRA), reinforcing its position in U.S. markets. Additionally, the firm made headlines in Europe after becoming one of the first entities to obtain a MiCA license under the European Union’s newly enforced crypto regulatory framework. The license was issued by the Dutch Authority for the Financial Markets on January 30, 2025.
