On Monday, Ripple, the fintech company linked to XRP, announced that it is allowing U.S. clients to access spot trading of dozens of cryptocurrencies through its Ripple Prime service.
This addition of real-time brokerage capabilities for digital assets follows Ripple's acquisition of Hidden Road, a multi-asset prime brokerage, earlier this year, which was purchased for $1.25 billion in April.
In the announcement, Ripple stated that Prime clients can access 'dozens of leading digital assets,' including XRP and Ripple's RLUSD stablecoin, which debuted in December.
The market capitalization of these assets was $142 billion and $1 billion, respectively, on Monday, according to cryptocurrency data provider CoinGecko.
While Ripple's business has focused on the XRP ecosystem for years, this move is likely to make Bitcoin, Ethereum, and Solana more accessible to the company's clients. Michael Higginson, CEO of Ripple Prime International, stated that the service aligns with other Prime offerings. Through Ripple Prime brokerage, institutions can access foreign exchange trading, as well as precious metals, synthetic assets, and over-the-counter swaps. Ripple's prime brokerage also allows clients to borrow funds to trade derivatives and cryptocurrencies on margin.