Overview of Transaction

• On April 8, 2025, Ripple Labs Inc. announced that it has entered into a definitive agreement to acquire Hidden Road for a total consideration of $1.25 billion
• Hidden Road is a global credit network for institutions which provides technology-driven prime brokerage, clearing and financing enabling seamless access to traditional and digital markets
• Hidden Road’s technology forward approach and real-time risk management drives a lower cost of capital and increased capital efficiency, improving the overall client experience
• Hidden Road is differentiated through its breadth of services across asset classes including FX, Digital Assets, Cleared Derivatives, OTC Derivatives & Synthetics, and Fixed Income Repo
• Founded in 2012, Ripple specializes in blockchain-based payment solutions, with its main product, RippleNet, connecting banks and payment providers for fast and low-cost cross-border transactions using its digital currency, XRP
• Ripple differentiates itself from other blockchain-based systems by working closely with financial institutions, regulatory bodies, and other stakeholders to ensure compliance with existing financial regulations
• Furthermore, the Company actively contributes to the development of the broader digital currency ecosystem

Significance of Transaction

• This transaction is a logical next step in Ripple’s strategic focus on strengthening Ripple's financial services ecosystem, and its ability to offer more sophisticated and comprehensive tools for institutional clients
• The transaction also marks a milestone in Hidden Road’s mission to bring its technology and quant-driven capabilities to a broader client base and to continue to address new market opportunities
• “With new resources, licenses, and added risk capital, this deal will unlock significant growth in Hidden Road’s business, allowing us to increase capacity to our customer base, expand into new products, and service more markets and asset classes” – Marc Asch, Hidden Road CEO

FT Partners' Role

• FT Partners served as financial and strategic advisor to Hidden Road
• This transaction highlights FT Partners' deep expertise in the digital assets industry, as well as its extensive track record advising innovative FinTech companies globally