Ripple Labs Unveils Ripple Prime: A New Era in Blockchain Payments
Ripple Labs has taken a significant step forward by launching “Prime Time” after successfully acquiring Hidden Road. This strategic move has led to the rebranding of the company as Ripple Prime. With this acquisition, Ripple Labs becomes the pioneering blockchain payment firm to operate as a global, multi-asset prime broker.
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Enhancing the Utility of RLUSD Through Ripple Prime
The synergy between Ripple and Hidden Road has paved the way for this acquisition, aimed at accelerating the institutional adoption of digital assets. This trend has been gaining momentum, particularly in a regulatory environment that has become more favorable under the Trump administration.
Ripple Prime is set to expand its offerings by leveraging Ripple’s robust digital asset infrastructure, encompassing payment solutions, crypto custody, and stablecoin services. The integration of blockchain technology is expected to streamline operations and optimize costs significantly.
The introduction of Ripple Prime is anticipated to greatly enhance the reach and utility of Ripple’s stablecoin, RLUSD. At present, RLUSD is being utilized as collateral in various prime brokerage products. With a growing number of derivatives clients choosing to maintain their balances in RLUSD, this trend is expected to continue its upward trajectory in the coming months.
RLUSD’s compliance with the newly enacted stablecoin legislation, the GENIUS Act, endorsed by President Donald Trump, has bolstered its credibility among institutions, facilitating its integration into conventional financial operations.
In July, RLUSD received recognition as the leading stablecoin for its stability, governance, and asset backing, earning it an ‘A’ rating from Bluechip. Moreover, Ripple has announced that The Bank of New York Mellon Corporation (BNY) will serve as the primary reserve custodian for RLUSD.
Strategic Acquisitions: Ripple’s Five Major Purchases
This acquisition is part of Ripple’s series of strategic purchases over the past two years, including notable acquisitions such as treasury management system provider GTreasury, stablecoin-based payment platform Rail, Standard Custody, and Metaco.
Ripple is also actively seeking approval for a national bank charter license in the United States, aligning itself with other firms like Circle (CRCL), Coinbase (COIN), Sony Bank, Paxos, and Crypto.com, which have also announced their intentions to seek approval from the US Office of the Comptroller of the Currency (OCC).
Currently, XRP is experiencing a positive trend, climbing towards $2.70 with a 3% increase on an intraday basis. Despite this, the altcoin has faced monthly losses of 16%, leaving it 32% below its all-time high of $3.65 achieved earlier this year.
The daily chart indicates XRP’s attempt to break free from its current consolidation phase, with a slight recovery observed above $2.40.
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