PANews reported on May 8 that according to CoinDesk, Hidden Road, a cryptocurrency and traditional asset broker, plans to set up an office in Abu Dhabi. The company has recently agreed to be acquired by Ripple for $1.25 billion. According to people familiar with the matter, the office will be led by partner James Stickland. Hidden Road has obtained the principle approval (IPA) from the Financial Regulatory Authority (FSRA) of the Abu Dhabi Global Market, and after final approval, it can provide clearing and prime brokerage services to institutional investors in the UAE.

Sources said that after Hidden Road obtains final regulatory approval, members of the Abu Dhabi royal family may join the board of directors of its local entity. The company also received approval from the U.S. 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 into it to promote the expansion of its global non-bank prime brokerage business.