Ripple Moves into Institutional Brokerage, Igniting the Next Wave of Blockchain M&A

From Hidden Road Acquisition to Ripple Prime Launch
Crypto Industry Shifts Toward Institutional Consolidation
Meta–Ripple Speculation Reignites on Strategic Synergy

Ripple, the developer of the cryptocurrency XRP, is accelerating the restructuring of the digital asset industry by pushing into institutional finance. As leading blockchain firms expand their mergers and acquisitions in brokerage and custody services, the line separating crypto from traditional finance continues to blur. Within this trend, renewed speculation that Meta could acquire Ripple has drawn attention to the growing convergence between blockchain platforms and mainstream financial ecosystems.

Expanding Client Networks and Strengthening Custody Capabilities

Ripple has officially launched Ripple Prime, a prime brokerage service for institutional investors, according to crypto outlet Times Tabloid on the 29th (local time). A prime broker provides trading, collateral management, asset lending, and clearing services to hedge funds and institutional clients. With this launch, Ripple has become the first digital asset firm to directly own and operate a global prime brokerage.

Ripple Prime’s debut follows Ripple’s $1.25 billion acquisition of the global prime broker Hidden Road in April. Hidden Road offers brokerage and clearing across multiple asset classes—including foreign exchange, derivatives, and bonds—and handles roughly $3 trillion in annual trading volume for more than 300 institutional clients. By integrating Hidden Road’s infrastructure and client network, Ripple secured a direct gateway into institutional financial markets.

“At long last, digital assets can be traded in a structure Wall Street understands,” Ripple CEO Brad Garlinghouse said at the time of the acquisition, adding that Ripple would use a regulated prime broker to facilitate large-scale settlements and liquidity for institutional clients. Ripple Prime was designed to mirror the clearing systems of major financial institutions like BlackRock while embedding risk management and compliance frameworks familiar to traditional finance—an effort to expand on a foundation of trust.

The move also strengthens Ripple’s role as a bridge between traditional finance and digital assets. By integrating Ripple’s native stablecoin RLUSD, the new platform enhances settlement efficiency and asset tokenization across XRP Ledger. Analysts say Ripple has moved beyond its “crypto fringe” image to position itself as part of core financial market infrastructure.

Boundaries Between Traditional Finance and Crypto Are Dissolving

Ripple’s acquisition of Hidden Road and the launch of Ripple Prime mark the start of a new global consolidation wave in digital finance. According to blockchain analytics firm Architect Partners, crypto-related M&A volume surged thirtyfold year-over-year to $10 billion in 2024, signaling a “second M&A cycle” just two years after the collapses of Luna and FTX.

Unlike earlier cycles focused on small-scale acquisitions of token projects or startups, the new wave is driven by infrastructure operators—exchanges, payment networks, and custody firms—vying for institutional dominance. Stricter regulations and rising institutional capital have concentrated market power in large, full-service entities. Robinhood acquired European exchange Bitstamp for $200 million, while Kraken bought TradeStation Crypto, expanding its regulatory footprint and money transfer licensing.

Traditional finance is also playing an active role. The UK’s IG Group purchased 70% of Australia’s Independent Reserve for $65 million, establishing a beachhead in Asia, while Coinbase acquired the on-chain fundraising platform Echo for $375 million to strengthen its digital finance ecosystem. Global investment banks including JPMorgan, Nomura, and Standard Chartered have taken equity stakes in tokenization and blockchain custody platforms—accelerating convergence between regulated finance and digital assets.

Industry analysts describe this as a transition to a “full-stack financial model,” where firms integrating trading, payments, and custody gain dominance while smaller players face acquisition pressure. Architect Partners noted that “roughly one-third of all crypto M&A deals between January and September 2024 involved a merger between traditional financial firms and digital asset companies,” signaling not just recovery but systemic restructuring across the sector.

Meta–Ripple Speculation Fuels Expectations of Mainstream Financial Integration

Renewed rumors that Meta could acquire Ripple fit squarely into this larger shift. In May, U.S.-based outlet Crypto Times reported remarks by Bradley Kimes, director of XRP Las Vegas, during an interview with the YouTube channel TechPath. The host noted that Meta CEO Mark Zuckerberg had shown “significant interest in stablecoins and cross-border payments” and asked Kimes to comment. Kimes replied that “nothing is in formal discussion yet,” but added, “whether it’s Ripple or Meta, this is a moment when extraordinary deals could happen.”

Kimes later said, “I can’t say Meta will acquire Ripple, but it’s a pivotal time for Meta to define its long-term financial strategy—and Ripple could fit into that vision.” His comments reignited speculation that major tech firms are eyeing Ripple as a gateway into institutional blockchain finance. If such a deal were realized, Ripple’s XRP and RLUSD stablecoin could merge with Meta’s payment network, positioning the company as a dominant player in global cross-border settlements.

Personnel changes at Meta have added fuel to the rumors. The company recently hired Ginger Baker, formerly with Stellar Foundation, Plaid, and First Horizon, as vice president of product, bringing deep experience in payments and blockchain partnerships. Meanwhile, Zuckerberg’s public comment that “someone needs to build a stablecoin at scale if it’s to become a true standard” further stoked market speculation. As Kimes noted, “Ripple already has a user base of more than 6.5 million, making it large enough to meet Meta’s scale requirements.”