Ripple has finalized its acquisition of Hidden Road, rebranding it to Ripple Prime, which marks a significant expansion of its services for institutional clients and enhances the utility of its RLUSD stablecoin.

This acquisition positions Ripple as the first cryptocurrency firm to operate a multi-asset prime broker, facilitating a range of services including clearing, financing, and brokerage across various financial instruments for institutional clients.

Since the announcement of its $1.25 billion acquisition in early April, Ripple Prime’s business has reportedly tripled, and the company anticipates further growth from existing and new customers.

“Ripple’s foundational digital asset infrastructure across payments, crypto custody and stablecoin, as well as the use of XRP, will complement the services offered within Ripple Prime.”

In addition, Ripple aims to enhance Ripple Prime’s operations by integrating blockchain technology, which they believe will improve efficiency and reduce costs. The RLUSD stablecoin is expected to be central to these developments, with some customers already opting to hold balances in it.

The acquisition comes amidst Ripple’s broader strategy, which also included the purchase of GTreasury and Rail, and is part of six strategic deals made within 28 months aimed at strengthening its position in the blockchain and crypto industry.