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Hidden Road, a global credit network for institutions, has launched its digital asset swaps prime brokerage capabilities for the United States market. This new offering, announced on May 28, 2025, allows U.S.-based institutional clients to execute cash-settled over-the-counter (OTC) swaps across a wide range of prominent digital assets.
This move is significant as OTC swaps represent a substantial portion of global digital asset trading volumes but have been largely unavailable to U.S. institutions. Hidden Road aims to address this underserved market by providing access to an expanded range of products and solutions, including cross-margining and financing services in digital assets. The new OTC swaps product is offered from Hidden Road’s FCA-regulated entity, Hidden Road Partners CIV UK Ltd.
The launch follows a definitive agreement in April 2025 for Hidden Road to be acquired by Ripple, a leading provider of digital asset infrastructure, for $1.25 billion. This acquisition is expected to significantly expand Hidden Road’s capacity and solidify its position as a major non-bank prime broker globally, backed by Ripple’s substantial balance sheet. The deal is subject to regulatory approvals and is anticipated to close in the coming months.
Hidden Road’s prime brokerage model is conflict-free and built on a modern technology stack, designed to streamline and reduce the complexity and cost associated with prime brokerage, clearing, and financing in both traditional and digital markets. This expansion into the U.S. digital asset swaps market is seen as a key step toward broader institutional adoption of digital assets and marks a maturing of the infrastructure and sophisticated financial products available in crypto markets.

Video courtesy of Interactive Brokershome

Video courtesy of Interactive Brokers