PANews reported on May 30 that according to Cointelegraph, Ripple's acquisition target Hidden Road launched an over-the-counter cryptocurrency swap trading service in the United States, allowing institutional investors to conduct large transactions settled in cash. The service is operated by a UK FCA-regulated entity and covers a variety of mainstream crypto assets. Ripple announced in April 2025 that it would acquire Hidden Road for US$1.25 billion. Hidden Road has obtained the US FINRA broker license and the EU MiCA license.