XRP News Today: Hidden Road Gains Abu Dhabi Approval for Institutional Crypto Services

Generated by AI AgentCoin World
Thursday, May 8, 2025 6:56 pm ET1min read
USDC
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Hidden

Road
, a multi-asset prime broker, has received in-principle approval from the Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) to establish a new office in Abu Dhabi. This approval allows Hidden Road to prepare for offering clearing and prime brokerage services to institutional clients in the region, pending final regulatory sign-off.

James Stickland, who previously served as CEO of Elwood Technologies and Elwood Asset Management, will lead the new Abu Dhabi operation. Additionally, a member of an Abu Dhabi royal family is expected to join the local board once final regulatory clearance is obtained.

This expansion aligns with Ripple’s planned $1.25 billion acquisition of Hidden Road, a significant deal within the digital asset sector. Ripple aims to inject fresh capital into Hidden Road post-acquisition, specifically to support growth in its financing, clearing, and brokerage services. This move follows Hidden Road’s recent approval from the Financial Industry Regulatory Authority (FINRA) to operate as a U.S. broker-dealer, enhancing its fixed-income capabilities.

Ripple’s broader engagement across the UAE includes securing a full license from the Dubai Financial Services Authority (DFSA) in early 2025, becoming the first blockchain firm to do so. This development paved the way for regulated XRP-based payment services in the country.

Ripple established its Middle East and North Africa (MENA) headquarters in Dubai’s International Financial Centre (DIFC) back in 2020. The company has also partnered with an Abu Dhabi central bank entity to advance XRP-powered remittance services within the regional market and committed $10 million to UAE-based tokenized real-world asset (RWA) projects.

Hidden Road’s entry into Abu Dhabi underscores the emirate’s growing appeal as a regulated hub for institutional crypto activity. This trend is further highlighted by the recent in-principle regulatory approval received by USDC issuer Circle from ADGM, signaling increasing institutional confidence in Abu Dhabi’s crypto framework.