WSJ: Ripple expands from crypto into Wall Street

Ripple, the crypto company behind XRP, is expanding across nearly every part of the industry, from stablecoins to asset custody, and is now moving into Wall Street as well, The Wall Street Journal reported. The outlet said Ripple has recently emerged as a major provider of swap financing for leveraged exchange-traded funds designed to amplify returns tied to specific stocks or indexes. After acquiring Hidden Road last year, which provided prime brokerage services to crypto hedge funds, Ripple rebranded the business as Ripple Prime and is now providing swap financing to several ETF managers, according to the report. Ripple is also working with other investment managers, including hedge funds, as it pushes to broaden the business, the report said.