Market News

US Institutions Embrace Ripple's New Multi-Asset Brokerage Amid Growing Demand

Ripple has taken a significant step toward bolstering its presence in the U.S. cryptocurrency market with the launch of Ripple Prime, a digital asset spot prime brokerage designed for institutional clients.

This platform enables U.S.-based institutions to conduct over-the-counter (OTC) spot transactions involving prominent digital assets like XRP and the newly compliant stablecoin RLUSD.

The launch follows Ripple's acquisition of Hidden Road, merging their regulatory licenses to enhance service offerings that now include foreign exchange and derivatives alongside digital assets.

Ripple Prime aims to improve institutional adoption of digital currencies, especially after favorable regulatory shifts under the recent political climate.

As part of this initiative, Michael Higgins, Ripple Prime's International CEO, emphasized that the new capabilities are tailored to meet diverse trading strategies and needs of U.S. institutions.

Additionally, Ripple is in pursuit of a national bank charter license, joining other companies vying for similar regulatory approvals.

In a concurrent development, market expert Nate Geraci has predicted that the first spot XRP ETFs could be launched within weeks, signifying a potential turning point following Ripple's recent legal victory against the SEC.

With eight XRP ETFs now registered with the Depository Trust & Clearing Corporation, institutional interest in XRP appears to be gaining momentum.

Currently, XRP trades at $2.41, reflecting recent market fluctuations of a 4.5% drop in the past day and over 8% in the weekly timeframe.

As Ripple Prime unfolds, the integration of digital and traditional assets could redefine trading landscapes for U.S. institutions in the evolving cryptocurrency ecosystem.