Hidden Road launches cash-settled digital asset swaps to US institutional market

Hidden Road has launched a digital asset swaps prime brokerage service for the United States market, expanding its suite of prime brokerage solutions to meet growing demand from US institutions.

The London-based firm announced that US-based institutional clients can now execute cash-settled over-the-counter swaps across dozens of prominent digital assets. The new OTC swaps product is offered through the group's Financial Conduct Authority-regulated entity, Hidden Road Partners CIV UK Ltd.

The launch also introduces various cross-margining and financing services in digital assets for US clients. OTC swaps represent a significant portion of digital asset trading volumes globally but have been largely unavailable to US institutions until now.

"The United States digital asset market has long been under-served from a product standpoint," said Michael Higgins, International CEO and Global Head of Corporate Development for Hidden Road. "While OTC swaps represent a significant portion of digital asset trading volumes globally, until now, they were largely unavailable to U.S. institutions. With the launch of our swap prime brokerage capabilities for the United States market, we can provide clients with access to an expanded range of products and solutions."

The development follows Hidden Road's definitive agreement in April 2025 to be acquired by Ripple, a digital asset infrastructure provider for financial institutions, for $1.25 billion. The acquisition is expected to close in the coming months, subject to regulatory approvals.