According to PANews, cryptocurrency and traditional asset brokerage firm Hidden Road is set to open an office in Abu Dhabi. This development follows Ripple's recent agreement to acquire Hidden Road for $1.25 billion. The new office will be led by partner James Stickland and has received in-principle approval from the Abu Dhabi Global Market Financial Services Regulatory Authority (FSRA). Once final approval is granted, Hidden Road will be able to offer clearing and prime brokerage services to institutional investors in the UAE.
Sources indicate that members of the Abu Dhabi royal family may join the board of Hidden Road's local entity after receiving final regulatory approval. Last month, Hidden Road also secured approval from the U.S. Financial Industry Regulatory Authority (FINRA) to become a licensed broker-dealer, aiming to expand its fixed-income prime brokerage platform. Ripple plans to invest in Hidden Road to support the global expansion of its non-bank prime brokerage services.