In one of the largest deals in the crypto space to date, crypto payments company XRP, to integrate a broader range of services that will attract large institutions, CEO Brad Garlinghouse told Fortune. “Ripple needs to make sure we have the infrastructure in place to appeal and expand to a larger segment of the biggest bulge bracket institutions,” he said.
The deal consisted of mostly cash as well as XRP and stock, Garlinghouse said. The acquisition will close in the coming months pending regulatory approval, and Hidden Road founder Marc Asch will stay on to head the prime broker at Ripple. FT Partners provided financial advice to Hidden Road.
