Hidden Road Expands Crypto Trading Capabilities with OTC Options Launch

Prime brokerage firm Hidden Road is rolling out over-the-counter (OTC) crypto options, expanding its cross-asset trading offerings and addressing a longstanding gap in the digital asset space. The new service enables institutional clients to trade options alongside existing instruments such as spot, swaps, forwards, and listed derivatives under a single margin framework.

Michael Higgins, the firm's international CEO, called the move a significant step forward. "Options have long been a missing link in the digital asset toolkit," he said. Hidden Road's approach seeks to unify risk and margin management across asset classes, something few competitors currently offer.

Liquidity partners QCP and BlockTech have signed on to support the launch, enhancing the offering with pricing expertise and structured products.

Founded in 2018, Hidden Road has grown rapidly, serving over 300 institutional clients and clearing more than $3 trillion annually. It holds regulatory licenses in the U.S. and UK and is a member of the CME for listed derivatives. The OTC options rollout follows a string of developments, including the company's broker-dealer registration in the U.S. earlier this year and its pending acquisition by Ripple for $1.25 billion.

Once the acquisition is finalized, Ripple is expected to become the only crypto-native company to operate a full-scale multi-asset prime brokerage. Hidden Road also plays a role in supporting Ripple's stablecoin, RLUSD, which it accepts as collateral.