Ripple（XRP）以12.5億美元的價格收購了隱藏的道路，強調了權力下放和傳統財務的陷入困境。

Ripple是加密貨幣領域的知名人士之一，最近以12.5億美元的價格購買了Prime Brokerage Hidden Road

Crypto behemoth Ripple recently announced the acquisition of prime brokerage Hidden Road for $1.25 billion, a move that underscores the increasing convergence of decentralized and traditional finance.

Crypto Behemoth Ripple最近宣布以12.5億美元的價格收購Prime Brokerage Hidden Road，這一舉動強調了分散和傳統財務的融合日益增加。

This deal, set to close by the third quarter of the year, will be mostly cash-based, with a portion paid in XRP tokens and Ripple stock.

該交易定於今年第三季度結束，主要是基於現金的，其中一部分以XRP令牌和波紋股票支付。

Founded in 2018, a year when cryptocurrencies crashed to levels worse than the dot-com bubble, Hidden Road has become a key player in the industry. Handling a staggering $3 trillion in fund transfers in 2024, the firm provides critical infrastructure for the efficient movement of capital.

Hidden Road成立於2018年，是一年的加密貨幣墜毀的水平比Dot-Com Bubble差，它已成為該行業的關鍵參與者。該公司在2024年處理驚人的3萬億美元基金轉讓，為有效的資本運輸提供了關鍵的基礎設施。

Today, the attitude toward crypto is vastly different, with tokens like XRP commanding a market cap of approximately $126 billion.

如今，對加密貨幣的態度截然不同，像XRP這樣的代幣的市值約為1,260億美元。

As part of the integration, Hidden Road will explore using Ripple’s XRP Ledger (XRPL) technology for faster settlements, a capability that traditional finance firms have yet to fully realize.

作為集成的一部分，隱藏的道路將使用Ripple的XRP Ledger（XRPL）技術進行更快的定居點進行探索，這是傳統金融公司尚未完全實現的能力。

The acquisition also follows Hidden Road’s search for capital after initial backing from Castle Island Ventures, Coinbase Ventures, and Citadel Securities.

此次收購還遵循Hidden Road在Castle Island Ventures，Coinbase Ventures和Citadel Securities的最初支持後尋求資本。

To gain further insight into the deal’s implications, we spoke with crypto analyst Nic Puckrin, founder and CEO of The Coin Bureau.

為了進一步了解該交易的含義，我們與Coin Bureau的創始人兼首席執行官Nic Puckrin進行了交談。

Here’s what Puckrin had to say about what the combined company could look like and what it means for the digital asset industry in the long term.

這就是Puckrin對合併後公司的外觀以及長期對數字資產行業意味著什麼的說法。

With Hidden Road, is Ripple aiming to become a full-stack financial services player?

有了隱藏的道路，Ripple的目的是成為全棧金融服務參與者嗎？

Puckrin: I don't think Ripple is trying to compete directly with established financial players like JPMorgan Chase, but its ambitions might be even more lofty. With Hidden Road, it's gaining control of essential financial infrastructure—a critical layer responsible for liquidity and settlement, one that even banks need to use. So, it's not a full-stack financial services player per se, but an essential building block for all other full-stack players.

Puckrin：我不認為Ripple試圖直接與JPMorgan Chase這樣的已建立財務參與者競爭，但其野心可能會更崇高。在隱藏的道路上，它可以控制基本的金融基礎設施，這是負責流動性和和解的關鍵層，即使是銀行也需要使用的關鍵層。因此，它本身並不是全棧金融服務播放器，而是所有其他全棧玩家的重要組成部分。

Using XRP to finance the deal partially is unusual. What precedent does this set?

使用XRP為交易提供部分資金是不尋常的。這是什麼先例？

As M&A picks up, we could see many more projects trying to follow suit. Ripple is using XRP as a strategic treasury asset, reflecting a high trust level in this token. Smaller projects with less established tokens will certainly struggle more if there isn't as much trust in their longevity.

隨著併購的興起，我們可以看到更多的項目試圖效仿。 Ripple將XRP用作戰略財政資產，反映了這個令牌的高信任水平。如果沒有太多的長壽信任，那麼較小的代幣的較小項目肯定會掙扎。

What metrics will you be watching to see whether the migration of post-trade activity to XRPL drives demand?

您會觀看哪些指標，以查看貿易後活動向XRPL的遷移是否驅動需求？

Resign transaction fee revenues would point to rising demand for the network. Bridging and settlement volume between XRPL and major fiat stablecoins could also be a clear indicator that activity is picking up.

辭職交易費收入將表明對網絡的需求不斷上升。 XRPL和主要的菲亞特穩定劑之間的橋接和結算體積也可以清楚地表明活動正在增加。

Until recently, TradFi firms have been acquiring crypto companies. Why is now the moment for crypto to be on the buyside?

直到最近，Tradfi公司一直在收購加密公司。為什麼現在是加密貨幣的時刻？

With the new U.S. administration in power, the regulatory environment for crypto has become far more favorable, which is exactly what they have all been waiting for. We're also seeing more and more crypto players filing for IPOs in the U.S. as well. Markets may be down in the short term, but the attitude toward crypto has changed and that was the biggest obstacle standing in the way.

隨著美國政府的新政府，加密貨幣的監管環境變得更加有利，這正是他們一直在等待的。我們還看到越來越多的加密貨幣玩家在美國提交IPO。市場可能會在短期內下降，但是對加密貨幣的態度已經改變，這是阻礙的最大障礙。

Does the growing convergence between crypto and TradFi risk diluting the decentralization ethos that crypto was founded on? Or is this hybrid future inevitable?

加密和Tradfi風險之間的趨勢是否稀釋加密建立的權力下放精神？還是這種混合的未來不可避免？

I think, increasingly, the crypto ecosystem is splitting into two — "A Tale of Two Cryptos", if you will. The retail side is still largely driven by speculation and short-term fads. But the institutional side has serious market players coming in and buying up Bitcoin, launching new products and filing for IPOs. There's room for decentralization on the retail side, but obviously not where institutions are getting involved. However, this is what's required to propel crypto into the mainstream.

我認為，加密生態系統越來越多地分為兩個 - 如果願意的話，“兩個加密的故事”。零售方仍主要是由投機和短期時尚驅動的。但是機構方面的市場參與者出現了，購買了比特幣，推出新產品並提交IPO。零售方面有權力下放的空間，但顯然不是涉及機構的地方。但是，這是將加密貨幣推向主流所需的。

Are we entering a new competitive phase where crypto-native firms need to play by the same regulatory and capital rules as traditional banks?

我們是否進入了一個新的競爭階段，加密本地公司需要與傳統銀行相同的監管和資本規則來發揮作用？

Yes, and that's just part of crypto's evolution. There won't be mainstream adoption if crypto-native firms don't play by the rules. But if they do, it's game on because crypto is an innovative technology that can bring huge improvements to legacy financial systems. It just has to do so within the existing frameworks.

是的，這只是加密貨幣進化的一部分。如果加密本地公司不遵守規則，就不會有主流採用。但是，如果他們這樣做，那就是遊戲，因為加密是一種創新的技術，可以為傳統金融系統帶來巨大改進。它只需要在現有框架中這樣做。