Redefining Global Talent Search in Footwear & Apparel: Chester Sullivan-Manders Launches Trident Partners Global

 

Redefining Global Talent Search in Footwear & Apparel: Chester Sullivan-Manders Launches Trident Partners Global

SINGAPORE, April 24 (Bernama-BUSINESS WIRE) -- Drawing on over 25 years of Search and Selection, including 16 years solely dedicated to Sourcing and Supply Chain within global footwear and apparel sectors, Chester Sullivan-Manders proudly announces his latest venture: Trident Partners Global Pte Ltd. 
 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250416125680/en/ 

Headquartered in Singapore, Trident Partners Global is a highly specialized search and selection firm focused on placing high-impact talent within the complex ecosystems of sourcing, manufacturing, and supply chain. With clients ranging from global market leaders to cutting-edge startups, the firm is already recognized as a trusted ally in solving some of the industry’s most strategic people challenges.

“I’ve spent the past sixteen years partnering with brands that move the world — both in scale and innovation,” said Chester Sullivan-Manders, Founder and Principal Consultant. “This next chapter reflects my continued belief that the right people, placed in the right environments, are what truly transform businesses. Trident Partners Global was established to be the trusted partner of choice for companies committed to building world-class sourcing and supply chain teams.”

With a widely recognized track record among industry leaders and an already unrivalled global network, the firm is primed for strategic growth. Sullivan-Manders will be launching a formal U.S. presence in Q4 2025, followed by an expansion into Europe in Q3 2026. This global vision is underpinned by his unrivaled network, deep domain knowledge, and reputation for discretion, authenticity, and delivery.

Trident Partners Global places professionals from mid-management through to C-suite executives, with an emphasis on category-specific expertise in lifestyle, sporting goods, outdoor, and fast fashion. The firm also advises on talent acquisition, strategic hiring and long-term succession planning.

To learn more, visit www.tridentpg.com or contact Chester directly at Chester@tridentpg.com. 

About Trident Partners Global

Founded by industry expert Chester Sullivan-Manders, Trident Partners Global is a specific talent firm delivering executive and leadership searches across the global footwear, apparel, sourcing and supply chain sectors.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250416125680/en/ 

Contact 

Chester@tridentPG.com 

Source : Trident Partners Global 

--BERNAMA

Uni-Fuels Announces Full Year 2024 Financial Results

Year-Over-Year increases in Sales of Marine Fuels, Total Revenues and Gross Profit

SINGAPORE, April 23 (Bernama-GLOBE NEWSWIRE) -- Uni-Fuels Holdings Limited (NASDAQ: UFG), (“Uni-Fuels” or the “Company”), a global provider of marine fuel solutions headquartered in Singapore, today announced its financial results for year ended December 31, 2024. 

Recent Developments

·  On January 15, 2025, the Company closed its initial public offering (the “Offering”) of 2,100,000 Class A Ordinary Shares at a public offering price of $4.00 per share, for total gross proceeds of $8.4 million, before deducting underwriting discounts and commissions. All of the Class A Ordinary Shares are offered by Uni-Fuels. The Class A Ordinary Shares commenced trading on Nasdaq Capital Market on January 14, 2025, under the ticker symbol “UFG”.

·  On February 4, 2025, the Underwriter exercised the over-allotment option (the “Over-Allotment Option”) in full to purchase additional 315,000 Class A Ordinary Shares from the Company at the public offering price of $4.00 per share, generated gross proceeds of $1.26 million. After giving effect to the full exercise of the Over-Allotment Option, the total number of Class A Ordinary Shares sold by the Company in the Offering increased to 2,415,000 Class A Ordinary Shares and the gross proceeds increased to $9.66 million, before deducting underwriting discounts and commissions.

Main Highlights:

· In 2024, Sales of Marine Fuels reached US$155.2 million, an increase of US$85.0 million, 121% Year-Over-Year, compared to approximately US$70.2 million in 2023. As a result, Total Revenues reached US$155.2 million an increase of US$84.4 million, 119% YOY, versus US$70.8 million in 2023.

·  Cost Of Revenues increased approximately US$83.5 million or 122% from approximately US$68.5 million in 2023 to US$152.0 million in 2024, mainly due to growth in sales of marine fuels with increasing cost to acquire marine fuels for sales.

·  Gross Profit was US$2.3 million in 2023 and increased YOY in 2024 by US$0.9 million, 40%, to US$3.2 million.

· Total Operating Expenses rose from US$0.9 million in 2023 to approximately US$3.0 million, a YOY increase of US$2.1 million or 236%.

·  As a result of these factors, Net Income decreased from US$1.2 million in 2023 to US$0.2 million in 2024, a YOY decrease of approximately US$1.0 million or 86%. 

Management Commentary

“We are pleased to present our first annual results as a publicly listed company, marking a transformative year for our business and laying the groundwork for accelerated global growth” said Mr. Koh Kuan Hua, Chairman & CEO of Uni-Fuels. “Our listing on Nasdaq on January 14 of this year represents a significant milestone in our corporate journey and a strategic effort to strengthen our capital base and enhance our market presence in an increasingly competitive and globalized industry. Looking ahead, we remain confident in our capacity to capture further market share and scale our operations responsibly and efficiently to build on our early success and deliver sustained value to our shareholders.”

The Company anticipates ongoing growth in 2025, driven by its global expansion in key markets and enhanced operational efficiency, positioning it to achieve continuous improvements in revenue and profitability year-over-year. 

Financial Results for the Year Ended December 31, 2024

Revenues

Total revenues increased significantly by 119% from US$70.8 million for the year ended December 31, 2023 to US$155.2 million for the year ended December 31, 2024. This substantial increase was primarily driven by a pronounced rise in sales of marine fuels. This growth was partially offset by a decrease in brokerage commissions, part of a strategic shift in the Company’s revenue mix.

Sales of marine fuels – Sales of marine fuels increased by approximately US$85.0 million, or 121%, from approximately US$70.2 million for the year ended December 31, 2023, to approximately US$155.2 million for the year ended December 31, 2024. This increase was attributable to strategic initiatives aimed at strengthening core business activities within the sales sector. The expansion of the Company’s sales and marketing department through additional hiring enabled the Company to conduct its own marine fuels sales. As a result, the Company substantially broadened its customer base and increased the number of ports served during the year ended December 31, 2024. The number of customers for marine fuel sales nearly doubled from 83 customers in the year ended December 31, 2023 to 156 customers in the year ended December 31, 2024, while the number of ports served rose from 51 to 87 over the same period. The successful expansion into new customer bases and supply ports resulted in a substantial increase in both the number of customers and ports where the Company arranged marine fuels supplies, subsequently leading to substantial revenue growth.

Brokerage commissions – Brokerage commissions decreased by approximately US$0.6 million or 98% to US$12,150 for the year ended December 31, 2024, from approximately US$0.6 million for the year ended December 31, 2023. This decline was primarily due to a strategic shift towards enhancing sales activities. By allocating more resources through recruiting sales and marketing specialists and other personnel, the Company decided to leverage its resources for sales instead of referring deals to other parties for brokerage commissions during the year ended December 31, 2024. The significant reduction in the number of brokerage transactions referred, which dropped to 1 for the year ended December 31, 2024, from 85 for the year ended December 31, 2023, is reflected in the decrease in the Company’s brokerage commissions.

Cost of revenues

Cost of revenues increased by approximately US$83.5 million or 122% from approximately US$68.5 million for the year ended December 31, 2023 to US$152.0 million for the year ended December 31, 2024. The increase was mainly attributable to the growth in sales of marine fuels with increasing costs to acquire marine fuels for sales.

Gross profit

Gross profit increased by approximately US$0.9 million or 40%, from approximately US$2.3 million for the year ended December 31, 2023 to approximately US$3.2 million for the year ended December 31, 2024. The total gross profit margin for the year ended December 31, 2024, was approximately 2.1%, compared to approximately 3.2% for the year ended December 31, 2023.

Gross profit margin for sales of marine fuels decreased to 2.1% for the year ended December 31, 2024 from 2.3% for the year ended December 31, 2023. This decline was primarily due to the strategic focus on expanding market presence and capturing additional market share for the reselling business. As part of the Company’s growth strategy, resources were dedicated to acquiring new customers by offering competitive prices in line with market conditions to increase market share.

Despite decreases in gross profit and gross profit margin, these decisions were part of a strategy to drive sales, expand market share, and adapt to prevailing market dynamics. By offering more competitive pricing and strategically allocating resources, the Company is able to strengthen its market position and enhance long-term profitability.

Operating expenses

Selling and marketing expenses increased to US$0.7 million for the year ended December 31, 2024, from US$0.2 million for the year ended December 31, 2023, primarily driven by the expansion of sales activities. Personnel were added in the sales and marketing department to strengthen customer relationships. Additionally, efforts in building and nurturing relationships with customers and business partners increased, along with business travel and marketing activities, contributing to the substantial increase.

General and administrative expenses increased by US$1.7 million to US$2.3 million for the year ended December 31, 2023, compared to US$0.7 million for the year ended December 31, 2023. One significant factor was the expansion of the workforce through the recruitment of administrative staff and key management personnel to enhance operational efficiency. Professional fees related to auditing consolidated financial statements, consulting services regarding leasing new office premises, and negotiating banking facilities for business financing also contributed to the increase. These factors collectively increased total general and administrative expenses compared to the preceding year, reflecting the Company’s concerted efforts to support operational growth and strategic initiatives.

Other income

Other income increased by US$46,046 from US$9,037 for the year ended December 31, 2023 to US$55,083 for the year ended December 31, 2024. The increase was mainly due to interest income earned from fixed deposits and an increase in other ancillary service income not within the scope of ASC 606.

Income before income taxes

Income before income taxes of US$0.3 million and US$1.4 million for the years ended December 31, 2024 and 2023, respectively. The decrease was primarily due to lower margins resulting from increased sales activities and higher operating costs during the expansion of the Company’s operations through the recruitment of staff and additional operating expenses to support growth initiatives and enhance overall capabilities during the year ended December 31, 2024.

Income tax expense

Income tax expense decreased from US$0.2 million for the year ended December 31, 2023 to US$0.1 million for the year ended December 31, 2024. The decrease was in tandem with the decrease in income before income taxes.

Net income

As a result of the foregoing factors, net income decreased by 86% from US$1.2 million for the year ended December 31, 2023 to US$0.2 million for the year ended December 31, 2024. 

About Uni-Fuels Holdings Limited

Uni-Fuels is a fast-growing global provider of marine fuel solutions, helping shipping companies optimize fuel procurement across all markets and time zones. Founded in 2021, Uni-Fuels has evolved from modest beginnings into a dynamic, forward-thinking company. Backed by a passionate team and a growing presence across multiple locations, it has forged trusted partnerships with customers, supporting them in achieving their operational objectives with confidence, from shore to shore.

For more information, visit www.uni-fuels.com. 

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning. Forward-looking statements represent Uni-Fuels’ current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and other factors discussed in the “Risk Factors” section of the registration statement filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Contact Information

For Investor Relations:

Uni-Fuels Holdings Ltd
Email: investors@uni-fuels.com

Skyline Corporate Communications Group, LLC
Email: info@skylineccg.com 

Click here for Uni-Fuels Holdings Limited attachments

SOURCE: UNI-FUELS Holdings LTD.

--BERNAMA

SIDRA CAPITAL UNVEILS SHARIAH-COMPLIANT FUND FOR AUSTRALIAN MINING AND ENERGY

KUALA LUMPUR, April 23 (Bernama) -- Sidra Capital, a global manager of Shariah-compliant alternative investments, has launched an Australian private credit investment fund focusing on the mining and energy sector in the country.

Named the Sidra Asia Pacific Private Investments Sub-Fund I, the fund will be managed from the company’s Singapore office, which has a solid track record in commodity-focused investments in the Asia Pacific region.

This fund provides investors with compelling risk-adjusted returns with developed market exposure, according to Sidra Capital in a statement.

Sidra Capital Vice Chairman, Ghassan Soufi said the fund offers private investors access to a proven strategy delivering attractive returns over the past five years.

He highlighted the strong investment climate in Australia, citing its reliable legal system and active investor base, both domestic and international.

Soufi also pointed out broader opportunities across the Asia Pacific, particularly in Indonesia, Singapore, and Australia, as these regions benefit from shifts in global supply chains amid ongoing economic uncertainty.

Meanwhile, Head of Investments APAC, Azlan Firman noted that the team continues to evolve its strategies to stay aligned with global market dynamics, ensuring they uncover new private credit opportunities and deliver sustained value to investors.

The launch of the Singapore-domiciled fund reinforces Sidra Capital’s commitment to providing innovative, Shariah-compliant investment solutions that deliver consistent, risk-adjusted returns to investors.

-- BERNAMA

CHINA, MALAYSIA CHART BOLD NEW ERA - CGTN

KUALA LUMPUR, April 17 (Bernama) -- China Global Television Network Corporation (CGTN) has reported on a major diplomatic development during Chinese President Xi Jinping’s visit to Malaysia, emphasising how Xi has unveiled a long-term blueprint to guide China-Malaysia relations for the next 50 years.

According to CGTN in a statement, the article highlights both nations’ shared commitment to building a high-level strategic community with a shared future—an effort aimed at delivering greater benefits to their citizens and promoting stability and prosperity across the region.

The visit comes a year after the two countries marked the 50th anniversary of diplomatic ties. During his meeting with Malaysian Prime Minister Anwar Ibrahim, President Xi proposed a three-point initiative focused on adhering to strategic independence, forging development synergies, and deepening civilisational exchange and mutual learning.

Both leaders voiced opposition to indiscriminate tariffs and emphasised the need for regional cooperation to resist supply chain disruptions. Xi advocated for Asian values such as openness, inclusiveness, and peaceful cooperation to counter global instability, while Anwar reiterated ASEAN’s refusal to support any unilaterally imposed tariffs.

Xi also underscored the importance of strengthening bilateral cooperation in the digital, green, and blue economies, as well as artificial intelligence (AI), and the integrated development of the industrial chain, supply chain, value chain, data chain and talent chain.

In an article published in Malaysian media, Xi noted that China-Malaysia trade reached US$212 billion in 2024—nearly 1,000 times higher than when diplomatic relations began. China has maintained its position as Malaysia’s largest trading partner for 16 consecutive years, while Malaysia remains China's second-largest trading partner and the largest source of imports within ASEAN. (US$1=RM4.39)

Malaysia has also played a key role in the China-proposed Belt and Road Initiative (BRI), signing on in 2017 and benefitting from projects such as the "Two Countries, Twin Parks" programme and the East Coast Rail Link. Following their latest talks, Xi and Anwar oversaw the signing of over 30 cooperation agreements spanning AI, infrastructure and agriculture.

Cultural ties have grown alongside economic ones. In 2024, the number of mutual visits reached six million, exceeding pre-pandemic figures—thanks in large part to a mutual visa exemption policy introduced on Dec 1, 2023. China has extended this policy through 2025, and Malaysia plans to continue it through 2026.

Xi encouraged both countries to leverage the visa policy to promote deeper collaboration in tourism, youth engagement, education, sports, and media. The two nations have also renewed joint efforts in panda conservation and agreed to co-nominate the traditional "Lion Dance" for UNESCO’s Representative List of the Intangible Cultural Heritage of Humanity.

In a sign of growing cultural resonance, the Chinese film "Ne Zha 2" premiered in Malaysia last month and set new box office records for Chinese cinema in the country. A recent CGTN poll revealed strong mutual goodwill, with 83.6 per cent of Malaysian respondents holding a positive view of China and 83.8 per cent expressing interest in visiting or studying there.

-- BERNAMA

Completion of Redemption of Senior Notes Due 2026

 

(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 975)

ULAANBAATAR, Mongolia, April 16 (Bernama-GLOBE NEWSWIRE) -- This announcement is made by Mongolian Mining Corporation (the “Company”) pursuant to Rule 13.09(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (“Listing Rules”) and the Inside Information Provisions (as defined in the Listing Rules) of Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

Reference is made to the announcement of the Company, dated 3 April 2025 (the “Announcement”), in relation to the Company’s notice to its holders of the Notes of its intention to redeem all of the outstanding Notes in full on 15 April 2025 (the “Redemption”). Unless otherwise defined, capitalized terms used herein shall have the same meanings as in the Announcement.

The Company wishes to announce that, on 15 April 2025, the Company has completed the Redemption at the redemption price of 109.27% of the principal amount redeemed plus accrued and unpaid interest up to but excluding the Optional Redemption Date. The Company considers that there will be no material impact on its financial position as a result of the Redemption. Upon completion of the Redemption, all the redeemed Notes will be cancelled and delisted from the official list of Singapore Exchange Securities Trading Limited.

For and on behalf of the Board
Mongolian Mining Corporation
Odjargal Jambaljamts
Chairman

As at the date of this announcement, the Board consists of Mr. Odjargal Jambaljamts and Dr. Battsengel Gotov, being the executive directors of the Company, Mr. Od Jambaljamts, Ms. Enkhtuvshin Gombo and Mr. Myagmarjav Ganbyamba, being the non-executive directors of the Company, and Dr. Khashchuluun Chuluundorj, Mr. Unenbat Jigjid, Mr. Chan Tze Ching, Ignatius, Ms. Delgerjargal Bayanjargal and Dr. Tsend-Ayush Tuvshintur being the independent non-executive directors of the Company.

<sup>Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This announcement is for information purposes only and does not constitute or form part of and should not be construed as an invitation or a solicitation of an offer to acquire, purchase or subscribe for securities or an inducement to enter into investment activity, or an invitation to enter into an agreement to do any such things, nor is it calculated to invite any offer to acquire, purchase or subscribe for any securities. This announcement is not an offer of securities for sale in the People’s Republic of China, Hong Kong, the United States or elsewhere.

This announcement does not constitute an offer to purchase, a solicitation of an offer to purchase, or a solicitation of an offer to sell, any securities referred to herein. This announcement does not constitute, and may not be used in connection with, any form of offer or solicitation in the United States or any place where such offers or solicitations are not permitted by law. This announcement is not for release, publication or distribution in or into, or to any person resident and/or located in any jurisdiction where such release, publication or distribution is unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States except pursuant to an exemption from, or a transaction not subject to, the registration requirements of the Securities Act. Any public offer of securities to be made in the United States will be made by means of a prospectus. Such prospectus will contain detailed information about the Company and its management, as well as financial statements. The Company does not intend to make any public offering of securities in the United States.</sup>


Enquiries:

Strategic Financial Relations Limited

Cindy Lung
+852 2864 4867
cindy.lung@sprg.com.hk

Rachel Ko
+852 2114 2370
rachel.ko@sprg.com.hk

Carlos Chen
+852 2864 4847
carlos.chen@sprg.com.hk


SOURCE : Mongolian Mining Corporation

CORDX FOUNDER DONATES US$21 MLN TO UC SAN DIEGO, RENAMES DEPARTMENT

Aiiso Yufeng Li Family Department of Chemical and Nano Engineering Building

KUALA LUMPUR, April 9 (Bernama) -- CorDx, a biotechnology company that is transforming the global diagnostics industry, has long been led by Aiiso Yufeng Li (Jeff), who has made a significant impact in both the business and philanthropic sectors.

Recently, the UC San Diego Jacobs School of Engineering celebrated the renaming of its chemical and nano engineering department to the Aiiso Yufeng Li Family Department of Chemical and Nano Engineering.

This milestone was made possible by the generous contributions of Li, his wife Doreen Guo, and the broader CorDx family, according to a statement.

The department's new name honours the philanthropic efforts of Li, who in 2024 donated US$21 million to UC San Diego. These gifts continue to fuel innovation and mentorship at the intersection of chemical and nano engineering. (US$1=RM4.48)

His generosity has been a driving force in supporting research and education, with additional contributions funding initiatives such as the Sustainable Power and Energy Center (SPEC) and the Institute for the Global Entrepreneur (IGE).

In his remarks, Li emphasised that real progress comes from investing in the next generation of innovators. He believes that shaping the future of technology begins with empowering talented students and researchers.

His commitment to advancing technology aligns with his work at CorDx, where he leads the development of affordable, high-quality diagnostic products for healthcare providers and patients worldwide.

Since its founding in 2006, CorDx has become a leader in manufacturing point-of-care and over-the-counter diagnostic tests across various categories, including infectious disease and reproductive health.

The company’s vertically integrated supply chain enables it to deliver reliable, affordable products, benefitting both distributors and patients. CorDx's team is driven by a shared commitment to innovation and care for the people who rely on their products.

-- BERNAMA

AVI CALLS ON ROHTO TO PRIORITISE CORE BUSINESS, IMPROVE SHAREHOLDER ENGAGEMENT

KUALA LUMPUR, April 9 (Bernama) -- Asset Value Investors Limited (AVI) has launched a campaign calling for Rohto Pharmaceutical (Rohto) to refocus its successful core businesses, such as skincare and eye care, and abandon its ongoing investments in the unprofitable regenerative medicine sector.

According to a statement, AVI also calls for Rohto to engage more constructively with shareholders in line with the Tokyo Stock Exchange’s (TSE) request for management to be conscious of capital costs and stock prices.

AVI Chief Executive Officer and Chief Investment Officer, Joe Bauernfreund stated that Rohto remains undervalued compared to its peers and that AVI’s attempts to engage with management on focusing resources on profitable areas like skincare and eye care have not been successful, prompting the company to take its campaign public.

Meanwhile, AVI Japan Head of Research, Kazunari Sakai emphasised that Rohto’s core businesses hold significant value but that its ongoing investment in regenerative medicine is hindering the company's potential.

Sakai added that AVI believes that by shifting focus and aligning management with shareholder interests, Rohto can unlock its full valuation potential and address the TSE's call for cost-conscious management.

AVI, which began investing in Rohto in June 2024, has made multiple attempts to engage with the company, including sending letters and presentations to discuss ways to improve long-term corporate value.

However, AVI expresses concern over Rohto’s continued investments in the regenerative medicine sector, which lacks a clear path to success, as well as the company’s high-priced mergers and acquisitions (M&A) deals and issuance of potentially dilutive convertible bonds despite a low stock price.

Despite repeated efforts to engage with Rohto’s board, AVI has only met with one board member, citing scheduling issues. AVI argues that this lack of engagement is contrary to the TSE's request for companies to be more responsive to shareholder concerns.

-- BERNAMA

Ripple Agrees to Acquire Prime Broker Hidden Road for $1.25B in One of the Largest Deals in the Digital Assets Space

· Ripple will inject billions of dollars of capital to provide immediate scale and satisfy the demand for Hidden Road’s prime brokerage, clearing and financing platform· RLUSD becomes the first stablecoin to enable efficient cross-margining between digital assets and traditional markets, reinforcing its position as a premium enterprise-grade USD-backed stablecoin
· Hidden Road to migrate post-trade activity across XRP Ledger (XRPL) demonstrating its potential as the go-to blockchain for institutional decentralized finance (DeFi)

SAN FRANCISCO & NEW YORK, April 9 (Bernama-BUSINESS WIRE) -- Ripple, the leading provider of digital asset infrastructure for financial institutions, today announced it is acquiring Hidden Road for $1.25 billion, representing one of the largest deals in the digital assets space. With the acquisition, Ripple becomes the first crypto company to own and operate a global, multi-asset prime broker. Hidden Road is one of the fastest-growing prime brokers around the world, offering institutions a one-stop-shop of advanced services including clearing, prime brokerage, and financing across foreign exchange (FX), digital assets, derivatives, swaps, and fixed income.

For the crypto industry to achieve the next phase of growth, it’s critical that core infrastructure is in place for institutional adoption; prime brokers bring the necessary credibility and professional trading services expected in legacy finance to digital assets. Together, Ripple and Hidden Road are bringing the promise of digital assets to institutional customers at scale, bridging traditional finance and decentralized finance.

Hidden Road has a strong business, clearing $3T annually across markets with more than 300 top institutional customers. With the backing of Ripple’s significant balance sheet, Hidden Road will exponentially expand its capacity to service its pipeline and become one of the largest non-bank prime brokers globally.

“We are at an inflection point for the next phase of digital asset adoption – the US market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance,” said Brad Garlinghouse, CEO of Ripple. “With these tailwinds, we are continuing to pursue opportunities to massively transform the space, leveraging our position and the strengths of XRP to accelerate our business and enhance our current solutions and technology.”

This acquisition also reinforces Ripple USD's (RLUSD) position as an enterprise-grade USD-backed stablecoin with real utility as Hidden Road leverages it as collateral across its prime brokerage products. This will make RLUSD the first stablecoin to enable efficient cross-margining between the digital asset space and traditional markets.

Hidden Road will, in turn, migrate its post-trade activity across XRPL to streamline operations and lower costs, demonstrating XRPL’s potential as the go-to blockchain for institutional decentralized finance (DeFi). Ripple also sees the potential to optimize costs and liquidity in its cross-border payments solution, Ripple Payments, and provide critical custody services to Hidden Road’s customers who need bank-grade digital asset custody.

“With new resources, licenses, and added risk capital, this deal will unlock significant growth in Hidden Road’s business, allowing us to increase capacity to our customer base, expand into new products, and service more markets and asset classes,” said Marc Asch, Founder and CEO of Hidden Road. ”Together with Ripple, we’re bringing the same level of trust and reliability that institutional clients are accustomed to in traditional markets — designed and optimized for a digital world.”

Thanks to its simple, secure, compliant digital asset infrastructure, Ripple is well-positioned to provide the core services that financial institutions need to tokenize, store, exchange and move digital assets. Ripple has over a decade of experience in the digital asset space and holds 60+ regulatory licenses and registrations in various jurisdictions.

Ripple participated in Hidden Road’s Series B and is a customer of its platform, experiencing firsthand the strength of the team, technology, risk management, and operational controls. The deal is expected to close in the coming months, subject to regulatory approvals.

About Ripple

Ripple is the leading provider of digital asset infrastructure for financial institutions—delivering simple, compliant, reliable software that unlocks efficiencies, reduces friction, and enhances innovation in global finance. Ripple’s solutions leverage the XRP Ledger and its native digital asset, XRP, which was purpose-built to enable fast, low-cost, highly scalable transactions across developer and financial use cases. With a proven track record working with regulators and policymakers around the world, Ripple’s payments, custody and stablecoin solutions are pioneering the digital asset economy—building credibility and trust in enterprise blockchain. Together with customers, partners and the developer community, we are transforming the way the world tokenizes, stores, exchanges, and moves value.

Hidden Road

Hidden Road is the global credit network for institutions, enabling seamless access to traditional and digital markets. Conflict-free and built on a modern technology stack, we remove complexity and cost in prime brokerage, clearing and financing.

View source version on businesswire.com:
https://www.businesswire.com/news/home/20250408091712/en/

Contact

Megan Katz, Ripple
press@ripple.com

Carissa Felger, Hidden Road
Sam Fisher, Hidden Road
hiddenroad@gasthalter.com

Source : Ripple

DISCLAIMER: BERNAMA MREM are not accountable for any causes of website defacement, misuse, or illegal activities connected to cryptocurrency, blockchain, tokenisation, or bitcoin. This material should not be considered as guidance or an opinion, as it does not constitute financial or investment advice. Use this information at your own risk; we are not liable for any losses or damages caused by the republication of this article.

--BERNAMA

Bitget Chief of Legal's Open Letter Highlights Expansion and Regulatory Compliance Plans

VICTORIA, Seychelles, April 8 (Bernama-GLOBE NEWSWIRE) -- Bitget, the leading cryptocurrency exchange and Web3 company, has published an open letter by its Chief Legal Officer, Hon Ng, which highlights the exchange's efforts in global regulatory compliance and expansion. The CEX continues to grow in the global crypto market by securing regulatory approvals and expanding its operations. With a strong focus on compliance, Bitget is navigating evolving regulatory landscapes with over eight licenses obtained while ensuring that users have access to a secure and transparent trading environment.
Hon Ng, Chief Legal Officer at Bitget, has addressed the company’s strategic direction in an open letter, providing plans to grow Bitget’s regulatory standing across multiple jurisdictions. His statements show the importance of regulatory dialogues and highlight upcoming initiatives that will shape the platform’s future.

“The regulatory environment surrounding digital assets is becoming more defined, and Bitget is taking proactive steps to work alongside authorities to ensure responsible growth. Compliance is not an obligation it's a necessity; it's about setting a standard for the industry and building a sustainable ecosystem for users,” said Hon Ng, Chief Legal Officer at Bitget.

Bitget has already secured registrations and approvals in several key markets, including Australia, Italy, Poland, Lithuania, the UK, the Czech Republic, and El Salvador. These achievements align with the company’s strategy of working within legal frameworks and supporting initiatives that promote advanced security and user protection. The legal and compliance teams are working closely to obtain additional licenses in jurisdictions that will further enhance the platform’s accessibility and credibility.

One of the primary objectives for the upcoming year is to refine the company’s compliance protocols. A strong Know Your Customer (KYC) process is being implemented to optimize user verification while adhering to anti-money laundering and counter-terrorism financing regulations. In parallel, Bitget is investing in advanced transaction monitoring tools to detect and prevent illicit activity, ensuring that all operations adhere to the highest standards of financial integrity.

Collaboration with regulators and law enforcement agencies remains a key aspect of Bitget’s compliance efforts. The company has established direct communication channels with authorities to facilitate transparent reporting and improve response times in cases of suspicious activity. By adopting new technological solutions, Bitget aims to enhance global cooperation while safeguarding user privacy.

In addition to regulatory advancements, Bitget is focused on introducing innovative products that align with compliance requirements. Bitget is already building even stronger user protection, risk management features, and enhanced security measures that strengthen the platform's durability and credibility. This is in line with the company's targets of maintaining a secure, compliant, and user-centric trading platform.

As part of its commitment to responsible operations, Bitget strictly adheres to international sanctions controls. Users from restricted regions are prohibited from accessing the platform, ensuring that all activities remain within legal boundaries. A dedicated compliance team continuously monitors global regulatory developments to adjust policies as needed.

Bitget’s legal and compliance strategy is designed to adapt to the rapidly changing digital asset landscape. With regulatory discussions evolving worldwide, the company is prepared to adjust its framework to align with new policies and emerging industry standards. The legal team remains engaged in conversations with policymakers to contribute to the responsible development of crypto regulations.

“Compliance is a continuous process that requires foresight and collaboration. Our goal here is simple: we comply, expand, operate, and grow. Our focus remains on making crypto accessible to everyone globally, and each license and approval is a step closer to it,” added Ng.

Bitget’s ongoing expansion and compliance efforts reaffirm its role as a leading player in the crypto market. By staying ahead of regulatory changes and implementing rigorous security measures, the company indeed plans to keep its title of being one of the top most trusted crypto exchanges globally.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, please contact: media@bitget.com

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SOURCE: Bitget Limited

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