Hidden Road, the primary brokerage firm acquired by Ripple, has been approved to act as an American brokerage dealer from Financial Industry Regulatory Authority (Finra), the company said on Thursday.

The license, awarded to his subsidiary Hidden Road Partners Civ US LLC, will allow the company to expand its regular income -Prime brokerage platform, according to the press release. With broker-dealer status, the company plans to offer institutional clients a wider range of regulatory compatible services in clearing, financing and primary mediation of assets in fixed income.

“[This] is a significant step in the development of Hidden Road’s firm Income Prime Brokerage Platform and strengthens our capabilities in traditional financial markets, “Noel Kimmel, the company’s president, said in a statement.

The development is following Hidden Road’s announcement earlier this month that it had entered into an agreement to be acquired for $ 1.25 billion of Ripple, Blockchain infrastructure services closely linked to the XRP Ledger (XRPL) network. The acquisition is subject to regulatory approval and is expected to close in the coming months.

Supported by Ripple’s resources, Hidden Road said it expects to scale services significantly and place itself as one of the largest non-banking brokers. The company also said earlier that it plans to migrate its operations after trading on the XRPL network for the purpose of reducing costs and streamlining settlement processes.

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