Ripple CEO Speaks Out on Ripple’s Recent Acquisition’s Fast Growing Role in DeFi

Brad Garlinghouse, the chief executive officer at Ripple, has taken part in another episode of the “Crypto In One Minute” project to reveal the fast growth of Hidden Road, recently bought by Ripple, both in the traditional finance and DeFi market.

Meanwhile, another large XRP transaction has been spotted by on-chain data trackers.

Ripple CEO on Hidden Road’s fast growth in DeFi

In the “Crypto In One Minute” video, Brad Garlinghouse spoke about prime brokers in general and one of them in particular – the Hidden Road company which was acquired by Ripple not so long ago. He reminded the audience that basically these prime brokers perform the functions of a “one stop shop”, allowing all sorts of financial institutions, including hedge funds, trading desks, and market makers, to trade and clear everything – from digital assets to derivatives, swaps, etc.

These brokers are doing trillions of dollars of trades, Garlinghouse revealed. Traditionally, such prime brokers have been owned by traditional commercial banking giants, he added, from JPMorgan to Goldman Sachs.

But now the leadership in this sphere does not belong only to banks. Recently, Ripple purchased the aforementioned Hidden Road and now, this company is offering its customers a mix of not only traditional financial tools but also crypto and DeFi. And this company is growing very quickly in both these markets, Ripple CEO emphasized. This company is very well capitalized and it has a super strong balance sheet.

Hidden Road is helping a large number of traditional financial institutions to come into the DeFi space and begin using crypto. Garlinghouse expects more primer brokers to start helping institutions come into crypto in the future.

Ripple moves $108,305,198 worth of XRP

Roughly ten hours ago, prominent blockchain sleuth Whale Alert spotted a massive crypto transaction, carrying tens of millions of XRP. It was conducted between two anonymous wallets.

The transfer moved 35,000,000 XRP valued at an impressive $108,305,198 at the time of the initiated transaction. However, analytics account @XRPwallets explained in a recent tweet that this XRP lump was moved between two wallets that belonged to Ripple: “Ripple to Ripple for ETPS, Trust, and Other Investments.”

Earlier this week, Ripple moved slightly more than 600,000,000 XRP in the same manner – in three transfers, which looked like transactions between anonymous crypto whales.