Ripple’s Chief Technology Officer Emeritus David Schwartz has drawn attention to a quiet but rather significant development in the institutional crypto space.
Schwartz has taken to the X social network to react to a newly surfaced DTCC notice confirming that Ripple’s prime brokerage arm has officially integrated with Wall Street’s clearing system. The development “seems important,” according to Schwartz.
Bridging TradFi and DeFi
This excitement stems from a recent notice from the Depository Trust & Clearing Corporation (DTCC), which is the ultimate backbone of the U.S. financial market by processing quadrillions of dollars in securities transactions annually.
As reported by U.Today, the document confirms that Hidden Road Partners CIV US LLC was officially added to the National Securities Clearing Corporation (NSCC) directory on March 2.
The firm is now operating under the Executing Broker Alpha “HRFI” for over-the-counter (OTC) products.
Essentially, Hidden Road directly has now been plugged into this legacy clearing infrastructure.
Ripple has laid the groundwork to move massive institutional post-trade volume directly onto the XRP Ledger (XRPL).
The old name?
As reported by U.Today, Hidden Road was rebranded to “Ripple Prime” following the completion of the acquisition in October.
However, some social media users were confused by the fact that the DTCC was still using the old name.
Schwartz says that this was likely in the works before the acquisition was fully final.
“I think it’s because this comes from something that’s been in the works since a bit before the acquisition was 100% final due to some straggling regulatory approvals,” he said.