Ripple Prime has launched a new institutional trading business featuring a Delta one operation that spans equities, indices, and digital assets. The initiative, announced on Thursday, is designed to expand the firm’s reach into traditional financial markets.
Through the new service, hedge funds, asset managers, and other institutional clients can execute Total Return Swaps (TRS) across US-listed equities, indices, and digital assets. The live service allows investors to receive gains and income from an underlying asset without direct ownership, in exchange for paying financing costs and absorbing losses.
With this expansion, customers can access equities alongside foreign exchange, fixed income, derivatives, and cryptocurrencies through a single counterparty relationship. The platform also enables clients to cross-margin exposures across these assets around the clock, which can potentially reduce the collateral institutions must maintain separately.
Noel Kimmel, President of Ripple Prime, stated that institutional market participants are actively seeking these types of services.
The launch builds on Ripple's $1.25 billion acquisition of prime broker Hidden Road, which was announced in April 2025 and completed later that year. The transaction made the firm a global multi-asset prime broker clearing over $3 trillion annually and serving more than 300 institutional customers.
Previously, Ripple Prime received an investment-grade BBB rating from KBRA. The entity also completed an upsized $275 million private placement of senior unsecured notes in August, following a $200 million debt facility secured from Neuberger Specialty Finance in May, to support its ongoing expansion.
