Ripple has completed its acquisition of non-bank prime broker Hidden Road and renamed it Ripple Prime, marking one of the company's most significant deals to date and significantly expanding its operations outside the digital asset sector.

Ripple said it is now the first cryptocurrency company to own and operate a multi-asset prime broker, covering everything from clearing, financing and brokerage across digital assets, derivatives, swaps, FX and fixed income products for institutional clients.

Ripple Prime's business has already grown three-fold since the $1.25 billion acquisition was announced in early April, Ripple said on Friday, adding that further growth is expected from new and existing customers.

Ripple is one of several local crypto companies bridging TradFi in the digital assets space by integrating blockchain and cryptocurrency products for banks to conduct cross-border transactions and other financial operations.

Ripple wants to put its new business on the rails of blockchain

Ripple, the issuer of the cryptocurrency XRP (XRP), said its new business will “significantly enhance the utility and reach” of its stablecoin Ripple USD (RLUSD).

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

In the future, Ripple also plans to integrate blockchain capabilities into Ripple Prime to streamline operations and optimize costs.