Ripple has completed its acquisition of Hidden Road, a move that will expand its fintech services for institutional clients and boost the utility and reach of its RLUSD stablecoin. Ripple has closed its acquisition of non-bank prime broker Hidden Road and rebranded it as Ripple Prime, marking one of the company’s most significant deals to date and substantially expanding its operations beyond the digital assets sector. Ripple said it is now the first crypto company to own and run a multi-asset prime broker, covering everything from clearing, financing, and brokerage across digital assets, derivatives, swaps, foreign exchange, and fixed-income products for institutional clients. Ripple Prime’s business activity has already grown threefold since the $1.25 billion acquisition was announced in early April, Ripple said on Friday, adding that more growth from new and existing customers is expected. Read more
Ripple has completed its acquisition of Hidden Road, a move that will expand its fintech services for institutional clients and boost the utility and reach of its RLUSD stablecoin. Ripple has closed its acquisition of non-bank prime broker Hidden Road and rebranded it as Ripple Prime, marking one of the company’s most significant deals to date and substantially expanding its operations beyond the digital assets sector. Ripple said it is now the first crypto company to own and run a multi-asset prime broker, covering everything from clearing, financing, and brokerage across digital assets, derivatives, swaps, foreign exchange, and fixed-income products for institutional clients. Ripple Prime’s business activity has already grown threefold since the $1.25 billion acquisition was announced in early April, Ripple said on Friday, adding that more growth from new and existing customers is expected. Read more
NEW DELHI: Indian Prime Minister Narendra Modi has backtracked from his proposed visit to Malaysia at the weekend to attend an Asean-related summit, joining the discussions “virtually” instead, it was officially announced on Friday. The opposition Congress party blamed the change of plan on Mr Modi’s fear of meeting President Donald Trump. The annual summit of the Association of Southeast Asian Nations, a 10-nation grouping, as well as associated meetings, will be held from Oct 26 to 28 in Kuala Lumpur. The Hindu said the Ministry of External Affairs (MEA) had not provided any reason for Mr Modi’s decision, though the paper quoted Malaysian Prime Minister Anwar Ibrahim as saying that Mr Modi had cited the “ongoing Deepavali celebrations” as the reason for the change in plans. The MEA announced that External Affairs Minister S. Jaishankar will represent Mr Modi and lead the Indian delegation at the East Asia Summit in Kuala Lumpur on October 27. Asean is a key pillar of India’s Act East Policy and Asia-Pacific...