According to CoinDesk, cryptocurrency and traditional asset broker Hidden Road plans to establish an office in Abu Dhabi, and the company has recently agreed to be acquired by Ripple for $1.25 billion.

According to informed sources, the office will be led by partner James Stickland. Hidden Road has received in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market, and upon final approval, it will be able to provide clearing and prime brokerage services to institutional investors in the UAE.

Sources indicate that after obtaining final regulatory approval, members of the Abu Dhabi royal family may join the board of its local entity. Last month, the company also received approval from the Financial Industry Regulatory Authority (FINRA) in the United States to become a licensed broker-dealer, aiming to expand its fixed income prime brokerage platform. Ripple plans to inject capital to drive the expansion of its global non-bank prime brokerage business.