the cryptocurrency and traditional asset brokerage firm Hidden Road plans to establish an office in Abu Dhabi, which has recently agreed to be acquired by Ripple for $1.25 billion. According to sources, the office will be led by partner James Stickland. Hidden Road has received preliminary approval (IPA) from the Abu Dhabi Global Market Financial Services Regulatory Authority (FSRA), and once final approval is obtained, it will be able to provide clearing and prime brokerage services to institutional investors in the UAE.

Sources say that after obtaining final regulatory approval, members of the Abu Dhabi royal family may join the board of its local entity. The company also received approval from the Financial Industry Regulatory Authority (FINRA) in the United States last month, becoming a licensed brokerage firm to expand its fixed income prime brokerage platform. Ripple plans to invest in it to promote the expansion of global non-bank prime brokerage business.