Hidden Road, a main broker who focuses on cryptography and traditional assets, who recently agreed to be acquired by Ripple, opens an office in Abu Dhabi, according to two people knowing the issue.
The office will be led by James Stickland, a business partner, said people, who spoke on condition of anonymity because the case is private.
Hidden Road confirmed the plans.
The company received the approval of the principle (IPA) of the Financial Servulatory Authority (FSRA) of ADGM, said a press release shared with Coindesk on Thursday.
A member of the royal family of Abu Dhabi could potentially join the board of directors of the local entity of the company when it would receive the final regulatory approval, said one of the persons.
Once Hidden Road has obtained this final approval, it will be authorized to offer primary compensation and brokerage services to water institutional investors, the company said.
They are not the only companies to make movements in the region. Circle, the issuer of the second largest stablecoin, USDC, said that he had received the regulatory approval in principle from Abu Dhabi last month, paving the way for expansion through the Middle East.
The main brokers are an essential part of plumbing financial markets. They provide negotiation, financing and guard services to large institutions.
Stickland is the former CEO of Elwood Technologies and Elwood Asset Management, the Crypto company supported by the Millionaire Alan Howard’s Hair Fund Manager. He joined Hidden Road over a year ago, according to his LinkedIn profile.
Ripple agreed to buy Hidden Road, a multi-end prime broker, for $ 1.25 billion last month, to date one of the largest mergers and acquisitions of the digital asset industry.
The Crypto company, led by Brad Garlinghouse, said that it would inject new capital into Hidden Road to extend its compensation, first -rate brokerage and financing operations, aimed at making the company the largest non -banking first -rate broker on a global scale.
Hidden Road said last month that he received FINRA approval to operate as an American broker, improving his leading fixed income brokerage platform.
Find out more: Hidden Road, which should be acquired by Ripple, wins an American broker permit
