Finance Magnates sat down with Michael Higgins, the International CEO of Hidden Road, after Ripple agreed to acquire the crypto prime broker for $1.25 billion.
“Ripple was well known to Hidden Road as a customer. Hidden Road was known to members of the Ripple management team. There was a natural relationship between our firms.”
Michael Higgins, the International CEO of Hidden Road during FMLS:24 panel
“We are fortunate to have 20 times more demand for balance sheet than supply at Hidden Road,” Michael Higgins, International CEO of Hidden Road, told FinanceMagnates.com following the $1.25 billion acquisition by Ripple. “By partnering with Ripple,” he added, “we can immediately solve the supply and demand issue for Hidden Road’s existing clients, expand our capacity to service our pipeline, and continue to scale.”
The acquisition, according to him was also “pretty organic” as “Ripple was well known to Hidden Road as a customer. Hidden Road was known to members of the Ripple management team. There was a natural relationship between our firms.”
“A Natural Fit”
Ripple acquired Hidden Road earlier this month in one of the largest deals in the crypto industry. The $1.25 billion transaction will be completed with a mix of cash, XRP tokens and equity, and is expected to close in the coming months. The deal also came in the backdrop when “all participants in digital assets are aiming to institutionalise the market infrastructure,” according to Higgins. “The combination of Ripple and Hidden Road was a natural fit.”
Founded in 2018, Hidden Road offers cryptocurrency liquidity through over-the-counter (OTC) prime brokerage. “Hidden Road, in traditional markets, provides its customers with clearing and prime services—across foreign exchange, fixed income, swaps, and listed derivatives,” Higgins explained.
He described the link between traditional and digital markets: “You trade Bitcoin against dollars. You trade Bitcoin against euro. You trade Bitcoin against yen. That has an FX component and a digital asset component. This is evidence of the merging of traditional and digital markets.”
According to recent data, Hidden Road clears $3 trillion annually across all markets and serves over 300 major institutional clients. With Ripple’s backing, the broker plans to grow its capacity to serve even more clients in the future.
“Tokenising real-world assets on blockchains like the XRP Ledger has the potential to make traditional markets more efficient,” Higgins added.
Ripple's acquisition of Hidden Road focused not only on scale but also on product synergy. Hidden Road plans to use Ripple’s RLUSD stablecoin as collateral within its brokerage system and is also looking into using the XRP Ledger to improve settlement efficiency. The aim is to speed up the use of Ripple’s key technologies among major institutional users.
Brad Garlinghouse, CEO, Ripple; Source: LinkedIn
“Providing clients with a stablecoin that operates 24/7 helps make markets more operationally and capital efficient,” added Higgins.
Furthermore, once the deal is complete, Hidden Road will migrate its post-trade activity to XRPL to streamline operations and reduce costs. On Ripple’s side, it sees the opportunity to optimise costs and liquidity in its cross-border payments solution, Ripple Payments, while also offering secure digital asset custody services to Hidden Road’s clients.
Another highlight of the deal was Ripple’s commitment to “inject billions of dollars of capital” to provide immediate scale and meet the demand for Hidden Road’s prime brokerage, clearing and financing platform. This would also address the demand abundance situation for Hidden Road, which, according to Higgins, “is a good problem to have and speaks to the success of our prime brokerage, clearing and financing platform.”
“Ripple enables Hidden Road to provide more capacity to institutional clients,” Higgins added. “The worlds of traditional markets and digital assets have already merged. Now you have a prime broker that can offer access to digital assets and compete in traditional markets—and the only one who can service both at scale: Hidden Road.”
“We will be able to support some of the largest institutions in the world—hedge funds, regional banks, asset managers—across asset classes and product types,” he explained. “Within digital assets, we believe it will bring the biggest names into the space through a regulated, well-capitalised entity.”
“The Timing Was Right”
The acquisition came as the crypto regulatory environment in the US was changing. Donald Trump, who declared himself the first Bitcoin President during his campaign, appointed a crypto-friendly Chair to the Securities and Exchange Commission, the agency that once went after Ripple in a high-profile lawsuit. Ripple’s CEO, Brad Garlinghouse, confirmed that the regulator had decided to end enforcement actions against the company.
“The tailwind from Trump’s regulatory initiatives has created an opportunity for digital assets to grow with US support,” Higgins said. “Prime and clearing needed innovation. We set out to do that years ago, and part of taking that next step was having a strong balance sheet and a partner to scale with. Ripple is certainly providing that. We believe it brings trust and financial strength to the ecosystem—across assets and products. It’s exciting.”
“We set out to do three things: rebuild the prime and clearing infrastructure, obtain global regulation, and inject significant capital into the business,” he added. “We became a more mature business with a strong institutional client base over time. With the right partner—regulatory-first, technology- and product-focused—it felt natural to combine with Ripple. The timing was right.”
Another point highlighted by Higgins was “being regulatory compliant.” He said, “We both maintain strong regulatory and compliance frameworks that allow us to operate in the jurisdictions we do.” Indeed, days after the acquisition announcement, Hidden Road secured a broker-dealer licence in the United States.
“The goal was, and
remains, to become the preeminent non-bank, multi-asset prime and clearing
firm. Technology, regulation, and balance sheet—that’s what it takes,” Higgins on the long-term vision of Hidden Road. “It’s still very early on.”
“We are fortunate to have 20 times more demand for balance sheet than supply at Hidden Road,” Michael Higgins, International CEO of Hidden Road, told FinanceMagnates.com following the $1.25 billion acquisition by Ripple. “By partnering with Ripple,” he added, “we can immediately solve the supply and demand issue for Hidden Road’s existing clients, expand our capacity to service our pipeline, and continue to scale.”
The acquisition, according to him was also “pretty organic” as “Ripple was well known to Hidden Road as a customer. Hidden Road was known to members of the Ripple management team. There was a natural relationship between our firms.”
“A Natural Fit”
Ripple acquired Hidden Road earlier this month in one of the largest deals in the crypto industry. The $1.25 billion transaction will be completed with a mix of cash, XRP tokens and equity, and is expected to close in the coming months. The deal also came in the backdrop when “all participants in digital assets are aiming to institutionalise the market infrastructure,” according to Higgins. “The combination of Ripple and Hidden Road was a natural fit.”
Founded in 2018, Hidden Road offers cryptocurrency liquidity through over-the-counter (OTC) prime brokerage. “Hidden Road, in traditional markets, provides its customers with clearing and prime services—across foreign exchange, fixed income, swaps, and listed derivatives,” Higgins explained.
He described the link between traditional and digital markets: “You trade Bitcoin against dollars. You trade Bitcoin against euro. You trade Bitcoin against yen. That has an FX component and a digital asset component. This is evidence of the merging of traditional and digital markets.”
According to recent data, Hidden Road clears $3 trillion annually across all markets and serves over 300 major institutional clients. With Ripple’s backing, the broker plans to grow its capacity to serve even more clients in the future.
“Tokenising real-world assets on blockchains like the XRP Ledger has the potential to make traditional markets more efficient,” Higgins added.
Ripple's acquisition of Hidden Road focused not only on scale but also on product synergy. Hidden Road plans to use Ripple’s RLUSD stablecoin as collateral within its brokerage system and is also looking into using the XRP Ledger to improve settlement efficiency. The aim is to speed up the use of Ripple’s key technologies among major institutional users.
Brad Garlinghouse, CEO, Ripple; Source: LinkedIn
“Providing clients with a stablecoin that operates 24/7 helps make markets more operationally and capital efficient,” added Higgins.
Furthermore, once the deal is complete, Hidden Road will migrate its post-trade activity to XRPL to streamline operations and reduce costs. On Ripple’s side, it sees the opportunity to optimise costs and liquidity in its cross-border payments solution, Ripple Payments, while also offering secure digital asset custody services to Hidden Road’s clients.
Another highlight of the deal was Ripple’s commitment to “inject billions of dollars of capital” to provide immediate scale and meet the demand for Hidden Road’s prime brokerage, clearing and financing platform. This would also address the demand abundance situation for Hidden Road, which, according to Higgins, “is a good problem to have and speaks to the success of our prime brokerage, clearing and financing platform.”
“Ripple enables Hidden Road to provide more capacity to institutional clients,” Higgins added. “The worlds of traditional markets and digital assets have already merged. Now you have a prime broker that can offer access to digital assets and compete in traditional markets—and the only one who can service both at scale: Hidden Road.”
“We will be able to support some of the largest institutions in the world—hedge funds, regional banks, asset managers—across asset classes and product types,” he explained. “Within digital assets, we believe it will bring the biggest names into the space through a regulated, well-capitalised entity.”
“The Timing Was Right”
The acquisition came as the crypto regulatory environment in the US was changing. Donald Trump, who declared himself the first Bitcoin President during his campaign, appointed a crypto-friendly Chair to the Securities and Exchange Commission, the agency that once went after Ripple in a high-profile lawsuit. Ripple’s CEO, Brad Garlinghouse, confirmed that the regulator had decided to end enforcement actions against the company.
“The tailwind from Trump’s regulatory initiatives has created an opportunity for digital assets to grow with US support,” Higgins said. “Prime and clearing needed innovation. We set out to do that years ago, and part of taking that next step was having a strong balance sheet and a partner to scale with. Ripple is certainly providing that. We believe it brings trust and financial strength to the ecosystem—across assets and products. It’s exciting.”
“We set out to do three things: rebuild the prime and clearing infrastructure, obtain global regulation, and inject significant capital into the business,” he added. “We became a more mature business with a strong institutional client base over time. With the right partner—regulatory-first, technology- and product-focused—it felt natural to combine with Ripple. The timing was right.”
Another point highlighted by Higgins was “being regulatory compliant.” He said, “We both maintain strong regulatory and compliance frameworks that allow us to operate in the jurisdictions we do.” Indeed, days after the acquisition announcement, Hidden Road secured a broker-dealer licence in the United States.
“The goal was, and
remains, to become the preeminent non-bank, multi-asset prime and clearing
firm. Technology, regulation, and balance sheet—that’s what it takes,” Higgins on the long-term vision of Hidden Road. “It’s still very early on.”
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
With Two Stints at MultiBank, Marketing Executive Joins ANAX Capital as CMO and VP Operations
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
