Foresight News reported that, according to CoinDesk citing two sources, Ripple's acquisition target Hidden Road is opening a new office in Abu Dhabi, led by its partner James Stickland in the region, and the company has received preliminary approval from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi International Financial Centre. One source stated that once final regulatory approval is obtained, a member of the Abu Dhabi royal family might join the local entity's board of directors. Once Hidden Road receives final approval, it will be authorized to provide clearing and bulk brokerage services to institutional investors in the UAE.
Foresight News previously reported that Ripple agreed last month to acquire the multi-asset primary broker Hidden Road for $1.25 billion. Hidden Road stated last month that it has received approval from the Financial Industry Regulatory Authority (FINRA) to operate as a US broker-dealer, thereby enhancing its fixed income bulk brokerage platform.
