Hidden Road, a main corridor that focuses on cryptographic and traditional assets, which recently agreed to be acquired by Ripple, is opening an office in Abu Dhabi, according to two people with knowledge of the matter.
The office will be directed by James Stickland, a firm’s partner, said people, who spoke on anonymity because the matter is private.
Hidden Road confirmed the plans.
The company has received approval in Principles (IPA) from the ADGM Financial Services Regulatory Authority, said Hidden Road in a press release shared with Coindesk on Thursday.
A member of the Royal Family of Abu Dhabi could join the Board of the company’s local entity when he receives the final regulatory approval, said one of the people.
Once Hidden Road receives this final approval, he will be authorized to offer compensation and first -class brokerage services to institutional investors in the EAU, the company said.
They are not the only firm movements in the region. Circle, the broadcaster of the second largest Stablecoin, USDC, said he received regulatory approval in ABU Dhabi’s principles last month, racing the way for an expansion in the Middle East.
Main corridors are an essential part of the plumbing of financial markets. They provide trade, financing and custody services to large institutions.
Stickland is the former CEO of Elwood Technologies and Elwood Asset Management, the cryptographic firm backed by the administrator of billionaire coverage funds Alan Howard. He joined Hidden Road for more than a year, according to his LinkedIn profile.
Ripple agreed to buy a main corridor of multiple assets Hidden Road for $ 1.25 billion last month, marking one of the largest offers in the digital asset industry to date.
The cryptographic company, headed by Brad Garlinghouse, said it will inject new capital in Hidden Road to expand its compensation, main brokerage and financing operations, with the aim of making the company the main non -banking corridor worldwide worldwide.
Hidden Road said last month that he had received Finra’s approval to operate as a US stockbroker, improving his main fixed -income brokerage platform.
Read more: Hidden Road, which will be acquired by Ripple, wins the US stockbroker license.
