Ripple（XRP）以12.5亿美元的价格收购了隐藏的道路，强调了权力下放和传统财务的陷入困境。

Ripple是加密货币领域的知名人士之一，最近以12.5亿美元的价格购买了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12.5亿美元的价格收购Prime Brokerage Hidden Road，这一举动强调了分散和传统财务的融合日益增加。

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.

该交易定于今年第三季度结束，主要是基于现金的，其中一部分以XRP令牌和波纹股票支付。

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成立于2018年，是一年的加密货币坠毁的水平比Dot-Com Bubble差，它已成为该行业的关键参与者。该公司在2024年处理惊人的3万亿美元基金转让，为有效的资本运输提供了关键的基础设施。

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

如今，对加密货币的态度截然不同，像XRP这样的代币的市值约为1,260亿美元。

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.

作为集成的一部分，隐藏的道路将使用Ripple的XRP Ledger（XRPL）技术进行更快的定居点进行探索，这是传统金融公司尚未完全实现的能力。

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

此次收购还遵循Hidden Road在Castle Island Ventures，Coinbase Ventures和Citadel Securities的最初支持后寻求资本。

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

为了进一步了解该交易的含义，我们与Coin Bureau的创始人兼首席执行官Nic Puckrin进行了交谈。

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.

这就是Puckrin对合并后公司的外观以及长期对数字资产行业意味着什么的说法。

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

有了隐藏的道路，Ripple的目的是成为全栈金融服务参与者吗？

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：我不认为Ripple试图直接与JPMorgan Chase这样的已建立财务参与者竞争，但其野心可能会更崇高。在隐藏的道路上，它可以控制基本的金融基础设施，这是负责流动性和和解的关键层，即使是银行也需要使用的关键层。因此，它本身并不是全栈金融服务播放器，而是所有其他全栈玩家的重要组成部分。

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

使用XRP为交易提供部分资金是不寻常的。这是什么先例？

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.

随着并购的兴起，我们可以看到更多的项目试图效仿。 Ripple将XRP用作战略财政资产，反映了这个令牌的高信任水平。如果没有太多的长寿信任，那么较小的代币的较小项目肯定会挣扎。

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

您会观看哪些指标，以查看贸易后活动向XRPL的迁移是否驱动需求？

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.

辞职交易费收入将表明对网络的需求不断上升。 XRPL和主要的菲亚特稳定剂之间的桥接和结算体积也可以清楚地表明活动正在增加。

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公司一直在收购加密公司。为什么现在是加密货币的时刻？

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.

随着美国政府的新政府，加密货币的监管环境变得更加有利，这正是他们一直在等待的。我们还看到越来越多的加密货币玩家在美国提交IPO。市场可能会在短期内下降，但是对加密货币的态度已经改变，这是阻碍的最大障碍。

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风险之间的趋势是否稀释加密建立的权力下放精神？还是这种混合的未来不可避免？

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.

我认为，加密生态系统越来越多地分为两个 - 如果愿意的话，“两个加密的故事”。零售方仍主要是由投机和短期时尚驱动的。但是机构方面的市场参与者出现了，购买了比特币，推出新产品并提交IPO。零售方面有权力下放的空间，但显然不是涉及机构的地方。但是，这是将加密货币推向主流所需的。

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

我们是否进入了一个新的竞争阶段，加密本地公司需要与传统银行相同的监管和资本规则来发挥作用？

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，这只是加密货币进化的一部分。如果加密本地公司不遵守规则，就不会有主流采用。但是，如果他们这样做，那就是游戏，因为加密是一种创新的技术，可以为传统金融系统带来巨大改进。它只需要在现有框架中这样做。