1 month ago
The steadfast has received in-principle support from the Financial Services Regulatory Authority (FSRA) of ADGM.
May 8, 2025, 10:00 a.m.
Hidden Road, a premier broker that focuses connected crypto and accepted assets, which precocious agreed to beryllium acquired by Ripple, is opening an bureau successful Abu Dhabi, according to 2 radical with cognition of the matter.
The bureau volition beryllium led by James Stickland, a spouse astatine the firm, said the people, who spoke connected information of anonymity due to the fact that the substance is private.
Hidden Road confirmed the plans.
The institution has received in-principle support (IPA) from the Financial Services Regulatory Authority (FSRA) of ADGM, Hidden Road said successful a property merchandise shared with CoinDesk connected Thursday.
A subordinate of the Abu Dhabi royal household could perchance articulation the committee of the company's section entity erstwhile it receives last regulatory approval, 1 of the radical said.
Once Hidden Road receives this last approval, it volition beryllium authorized to connection clearing and premier brokerage services to organization investors successful the UAE, the institution said.
They are not the lone steadfast making moves successful the region. Circle, the issuer of the second-largest stablecoin, USDC, said it received in-principle regulatory support from Abu Dhabi past month, paving the mode for an enlargement crossed the Middle East.
Prime brokers are an indispensable portion of the plumbing of fiscal markets. They supply trading, financing and custody services to ample institutions.
Stickland is the erstwhile CEO of Elwood Technologies and Elwood Asset Management, the crypto steadfast backed by billionaire hedge money manager Alan Howard. He joined Hidden Road implicit a twelvemonth ago, according to his LinkedIn profile.
Ripple agreed to bargain multi-asset premier broker Hidden Road for $1.25 cardinal past month, marking 1 of the largest M&A deals successful the integer plus manufacture to date.
The crypto company, headed by Brad Garlinghouse, said it volition inject caller superior into Hidden Road to grow its clearing, premier brokerage, and financing operations, aiming to marque the steadfast the largest non-bank premier broker globally.
Hidden Road said past period that it had received FINRA support to run arsenic a U.S. broker-dealer, enhancing its fixed income premier brokerage platform.
Read more: Hidden Road, Set to Be Acquired by Ripple, Wins U.S. Broker-Dealer License
Will Canny
Will Canny is an experienced marketplace newsman with a demonstrated past of moving successful the fiscal services industry. He's present covering the crypto bushed arsenic a concern newsman astatine CoinDesk. He owns much than $1,000 of SOL.
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