Hidden Road, the main brokerage firm that is being acquired by Ripple, has obtained approval to operate as an American stockbroker of the regulatory authority of the financial industry (Finra), the company said Thursday.
The license, awarded to its subsidiary Hidden Road Partners Civ Us LLC, will allow the company to expand its main fixed -income brokerage platform, according to the press release. With the status of broker, the firm plans to offer institutional customers a broader range of regulatory services that comply with compensation, financing and main brokerage of fixed income assets.
“[This] It is a significant step in the development of the fixture of fixed revenue of Hidden Road and reinforces our capacities in traditional financial markets, “said Noel Kimmel, president of the firm, in a statement.
The development follows the announcement of Hidden Road earlier this month that he had signed an agreement to be acquired for $ 1.25 billion per Ripple, the Blockchain infrastructure services firm closely associated with the LED Network (XRPL) XRP (XRPL). The acquisition is subject to regulatory approval and is expected to close in the coming months.
Backed by Ripple’s resources, Hidden Road said he hopes to climb the services significantly and position himself as one of the largest non -banking corridors. The firm also said that it plans to migrate its subsequent operations to the XRPL network, with the aim of reducing costs and expediting the liquidation processes.
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