According to CoinDesk, cryptocurrency and traditional asset broker Hidden Road plans to establish an office in Abu Dhabi and has recently agreed to be acquired by Ripple for $1.25 billion. According to informed sources, the office will be led by partner James Stickland. Hidden Road has obtained principle approval (IPA) from the Abu Dhabi Global Market Financial Regulatory Authority (FSRA), and upon final approval, can provide clearing and prime brokerage services to institutional investors in the United Arab Emirates. According to sources, after obtaining final regulatory approval, members of the Abu Dhabi royal family may join the board of directors of its local entity. The company also received approval from the Financial Industry Regulatory Authority (FINRA) last month to become a licensed broker dealer to expand its fixed income main brokerage platform. Ripple plans to inject capital into it to promote the expansion of its global non bank prime brokerage business.
