The post Crypto-TradFi intersections proliferate – Blockworks appeared on BitcoinEthereumNews.com.

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe. Crypto is becoming more entwined with TradFi as acquisitions and partnerships continue.   We noted the record amount of crypto M&A in Q1 — featuring Kraken’s unprecedented $1.5 billion acquisition of NinjaTrader.  In another 10-digit deal, Ripple said Tuesday it has agreed to buy Hidden Road for $1.25 billion. This gives the blockchain infrastructure provider access to a firm with clearing, prime brokerage and financing capabilities across FX, digital assets, derivatives, swaps and fixed income. The theory is that aside from trading services, Hidden Road brings a level of credibility to digital assets that’s expected in legacy finance.  A prime broker clearing $3 trillion annually for more than 300 institutional customers, Hidden Road is the intermediary for hedge funds, market makers, OTC desks and quant traders. It is now set to migrate post-trade activity across XRP Ledger. Architect Partners founder Eric Risley told me last week that “bridge transactions” — M&A between crypto and non-crypto companies — would remain a theme in 2025. Michael Klena, a partner at the advisory firm, noted this morning that these so-called bridge deals signal healthy interest in the crypto ecosystem and “[move] blockchain forward to fully assimilate into the larger financial world.” As for why Ripple did this, the potential for broader stablecoin adoption appears to be at the heart of it. An acquisition could be the only way for the crypto firm’s RLUSD stablecoin to compete with those of Tether and Circle, Klena explained.    “By having Hidden Road captive and using RLUSD as its primary settlement and payment option, it puts RLUSD into the crypto ecosystem with a key avenue,” he told me. “The upside is that RLUSD has a chance to become entrenched in TradFi usage.” Klena noted that…

---

Filed under: News - @ April 9, 2025 5:23 am