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Stock impact report

Ripple acquires crypto-friendly prime broker Hidden Road for $1.25 billion [Yahoo! Finance]

GameStop Corporation (GME) 
Last gamestop corporation earnings: 3/26 04:06 pm Check Earnings Report
Company Research Source: Yahoo! Finance
large institutions , CEO Brad Garlinghouse told Fortune . “Ripple needs to make sure we have the infrastructure in place to appeal and expand to a larger segment of the biggest bulge bracket institutions,” he said. The deal consisted of mostly cash as well as XRP and stock, Garlinghouse said. The acquisition will close in the coming months pending regulatory approval, and Hidden Road founder Marc Asch will stay on to head the prime broker at Ripple. Primer brokers are integral to the efficiency of financial markets, including emerging crypto ones, as they provide a range of services—including trading, custody, lending and borrowing—to large institutions like hedge funds, banks and private equity firms. Because of this, they require a substantial amount of capital to function. As part of the deal, Ripple will “inject billions of dollars of capital to provide immediate scale and satisfy the demand for Hidden Road's prime brokerage,” the company said in a statement. The deal will b Show less Read more
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