Hidden Road, a first -class broker who focuses on crypto and traditional assets that recently agreed to be acquired by Ripple, opens an office in Abu Dhabi, according to two people with knowledge of the case.

The office will be led by James Stickland, a partner at the company, said the people who spoke on condition of anonymity because the case is private.

Hidden Road confirmed the plans.

The company has received principle approval (IPA) from Financial Services Regulatory Authority (FSRA) from ADGM, Hidden Road said in a press release shared with Coindesk on Thursday.

A member of the Abu Dhabi Royal Family could potentially join the board of directors of the company’s local unit when it receives the final regulatory approval, one of the population said.

When Hidden Road receives this final approval, it will be authorized to offer clearing and prime brokerage services to institutional investors in UAE, the company says.

They are not the only fasting to make movements in the region. Circle, the issuer of the second largest stableecoin, USDC, said it received in principle regulatory approval from Abu Dhabi last month and paved the way for an expansion over the Middle East.

Prime brokers are an essential part of the plumbing markets. They provide trade, financing and custody to large institutions.

Stickland is the former CEO of Elwood Technologies and Elwood Asset Management, Crypto Firm supported by billionaire hedge fund manager Alan Howard. He joined Hidden Road over a year ago, according to his LinkedIn profile.

Ripple agreed to buy Multi-Asset Prime Broker Hidden Road for $ 1.25 billion last month, marking one of the largest M&A offers in the digital asset industry to date.

Crypto Company, led by Brad Garlinghouse, said it will inject the fresh capital of Hidden Road to expand its clearing, prime mediation and financing operations aimed at making the company the largest non-bankprime broker globally.

Hidden Road said last month that it had received Finra approval to act as an American brokerage dealer, which improved its regular income-prime brokerage platform.

Read more: Hidden Road to be acquired by Ripple wins the US Broker Dealer License