Multi-asset prime broker Hidden Road has launched digital asset swaps prime brokerage capabilities for the US market, enabling US-based institutional clients to execute cash-settled over-the-counter (OTC) swaps on major digital assets. This marks the firm’s first significant product introduction since the announcement of its US$1.25 billion acquisition by digital asset infrastructure provider Ripple.
The new OTC swaps product will be offered through Hidden Road Partners CIV UK, the group’s UK entity that is regulated by the Financial Conduct Authority (FCA). Simultaneous with this launch, Hidden Road will be offering various cross-margining and financing services in digital assets.
In a press release, Michael Higgins, international CEO and global head of Corporate Development for Hidden Road says, “The United States digital asset market has long been under-served from a product standpoint. While OTC swaps represent a significant portion of digital asset trading volumes globally, until now, they were largely unavailable to US institutions.”
The launch is a part of Hidden Road’s plans to achieve – with Ripple’s backing – global expansion for its non-bank prime brokerage services. The acquisition is expected to be completed “in the coming months”.
