PANews reported on April 18 that according to CoinDesk, Hidden Road, the main broker to be acquired by Ripple, announced on Thursday that it has obtained approval from the Financial Industry Regulatory Authority (FINRA) to operate as a broker-dealer in the United States. According to the press release, the license obtained by its subsidiary Hidden Road Partners CIV US LLC will enable the company to expand its fixed income prime brokerage business platform. With its broker-dealer status, the company plans to provide more comprehensive compliance services for institutional clients, covering clearing, financing, and prime brokerage for fixed income assets.
Previously, Hidden Road announced earlier this month that it has reached an agreement with blockchain infrastructure service company Ripple, with Ripple set to acquire Hidden Road for $1.25 billion, subject to regulatory approval and expected to be completed in the coming months.
