Ripple Stays Private as XRP Expands Onchain, With First Spot Market Launching on Hyperliquid

In a recent interview with Bloomberg, Monica Long, President of Ripple, discussed the company’s recent US$500 million (AU$744 million) share sale completed in November at a US$40 billion (AU$59 billion) valuation and how Ripple has progressed since then.

She explained that the fundraising capped a strong year of growth, which included both internal expansion and the acquisition of four companies. Since closing the round, Ripple has been focused on integrating these acquisitions and continuing to scale its business.

Addressing questions about the structure of the deal – specifically investor protections such as guaranteed returns and preferential treatment – Long emphasised that the terms were favourable for Ripple.

Long noted that new investors like Fortress and Citadel were attracted by the company’s proven business model and its focus on building digital asset infrastructure for financial institutions, particularly as stablecoin payments gained momentum.

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The conversation also touched on Ripple’s efforts to diversify beyond XRP. Long outlined a strategy centered on creating compliant, enterprise-grade products, including custody, on- and off-ramps, and regulatory licensing, with over 70 licenses secured globally.

Ripple Remains Private, XRP Goes Hyper

Finally, Long reaffirmed Ripple’s position on remaining private, stating:

We’re in a really healthy position to continue to fund and invest in our company’s growth without going public.

Ripple President Monica Long

Meanwhile, blockchain interoperability network Flare announced the launch of the first XRP spot market on Hyperliquid, enabling spot trading through the FXRP-USDC pair. This marks the first time traders can access XRP spot exposure directly on Hyperliquid’s onchain orderbook, expanding XRP’s reach beyond its native ecosystem.

FXRP is a tokenised representation of XRP, created using Flare’s FAssets system and LayerZero’s omnichain token standard. This setup allows FXRP to move seamlessly across blockchains, trade on Hyperliquid, and later be bridged back to the XRP Ledger through an onchain process. Hyperliquid operates on its own high-performance Layer-1 blockchain and has seen daily trading volumes exceed US$185 million (AU$275 million).

Flare co-founder Hugo Philion explained that the initiative is designed to expand XRP’s utility without relying on offchain custody, stating:

By combining Flare’s FAssets infrastructure with Hyperliquid’s orderbook, we are expanding what XRP can do across DeFi while preserving XRPL as the canonical settlement layer.

Flare co-founder Hugo Philion

Unlike most DeFi platforms, Hyperliquid uses an orderbook model rather than automated market makers, offering tighter spreads and more predictable execution. For traders, the integration provides access to deep, onchain spot liquidity, while also enabling FXRP to cycle back into Flare’s XRPFi ecosystem for uses like lending and staking.

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