PANews May 8 news, according to CoinDesk, cryptocurrency and traditional asset broker Hidden Road plans to establish an office in Abu Dhabi. The company recently agreed to be acquired by Ripple for $1.25 billion. According to informed sources, the office will be led by partner James Stickland. Hidden Road has received in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market, and once final approval is granted, it will provide clearing and prime brokerage services to institutional investors in the UAE.
Sources say that after obtaining final regulatory approval, members of the Abu Dhabi royal family may join the board of its local entity. The company also received approval from the Financial Industry Regulatory Authority (FINRA) last month to become a licensed broker-dealer to expand its fixed income prime brokerage platform. Ripple plans to inject capital to drive global non-bank prime brokerage expansion.
