Ripple Prime has expanded deeper into traditional financial markets with the launch of its new Delta One business, giving institutional investors access to total return swaps linked to U.S.-listed equities, indexes, and digital assets.<\/p>\n\n\n\n
The service is designed for hedge funds, asset managers, and other financial institutions that want exposure to different markets without directly owning the underlying assets. Clients can manage these positions through a single counterparty relationship while cross-margining supported exposures across Ripple Prime’s multi-asset brokerage platform.<\/p>\n\n\n\n
The launch represents another major expansion for Ripple Prime following Ripple’s $1.25 billion acquisition of institutional brokerage firm Hidden Road in 2025.<\/p>\n\n\n\n
Ripple announced on Aug. 27 that its Delta One service is now live for institutional customers.<\/p>\n\n\n\n
The new business allows clients to trade total return swaps tied to U.S.-listed stocks, indexes, and digital assets. Instead of directly purchasing an underlying security, an institution can use a swap to gain exposure to its economic performance.<\/p>\n\n\n\n
Total return swaps generally involve counterparties exchanging payments based on the performance of a referenced asset and agreed financing terms.<\/p>\n\n\n\n
For institutional investors, this structure can provide flexible market exposure without requiring direct ownership of the underlying asset.<\/p>\n\n\n\n
Ripple Prime President Noel Kimmel described Delta One as a natural extension of the company’s existing multi-asset brokerage platform.<\/p>\n\n\n\n
Ripple Prime already provides institutional access to several major asset classes, including foreign exchange, fixed income, derivatives, and digital assets.<\/p>\n\n\n\n
Delta One extends that infrastructure into swaps linked to U.S. equities and indexes.<\/p>\n\n\n\n
Clients can structure positions around different investment periods, risk requirements, and reporting needs while keeping those exposures within their existing Ripple Prime relationship.<\/p>\n\n\n\n
One of the key features is cross-margining.<\/p>\n\n\n\n
Instead of managing collateral separately across every supported asset class, institutional clients can potentially manage eligible positions within a broader collateral framework. Ripple Prime also acts as a single counterparty for supported transactions.<\/p>\n\n\n\n
According to Ripple, the platform operates around the clock, allowing institutions to manage collateral and exposures spanning both traditional and digital markets.<\/p>\n\n\n\n
Ripple says Ripple Prime operates with more than $1 billion in regulatory net capital and provides institutional investors with clearing, financing, and prime brokerage services across multiple markets.<\/p>\n\n\n\n
The Delta One launch follows several additions to Ripple Prime’s institutional infrastructure during 2026.<\/p>\n\n\n\n
In May, Ripple Prime integrated with EDX Markets, providing institutional clients with access to EDX spot liquidity as well as perpetual futures offered through EDXM International.<\/p>\n\n\n\n
Under that arrangement, Ripple Prime provides services including credit intermediation, collateral management, and net settlement while customers access EDX liquidity.<\/p>\n\n\n\n
Ripple’s RLUSD stablecoin was also expected to play a role in settlement and collateral within the broader integration.<\/p>\n\n\n\n
The EDX partnership was another example of Ripple Prime’s strategy of connecting multiple trading venues through a unified institutional brokerage relationship.<\/p>\n\n\n\n
Earlier in February, Ripple Prime also added institutional access to Hyperliquid.<\/p>\n\n\n\n
The integration allowed clients to trade through the decentralized derivatives platform while cross-margining eligible Hyperliquid positions against other assets held within Ripple Prime.<\/p>\n\n\n\n
Supported exposures included digital assets, foreign exchange, fixed income, over-the-counter swaps, and cleared derivatives.<\/p>\n\n\n\n
That arrangement allowed institutional investors to maintain a single counterparty relationship while accessing liquidity from a decentralized derivatives venue.<\/p>\n\n\n\n
The new Delta One business follows a similar model but applies it to U.S. equities and indexes.<\/p>\n\n\n\n
Ripple Prime handles the swap relationship while institutional clients receive economic exposure to the underlying securities.<\/p>\n\n\n\n
Ripple Prime emerged after Ripple completed its $1.25 billion acquisition of Hidden Road in October 2025.<\/p>\n\n\n\n
Hidden Road had already established itself as a global multi-asset prime brokerage offering clearing, financing, and brokerage services across foreign exchange, derivatives, fixed income, and cryptocurrency markets.<\/p>\n\n\n\n
Ripple originally announced the acquisition in April 2025 before completing the transaction approximately six months later.<\/p>\n\n\n\n
After closing the deal, the institutional brokerage business was renamed Ripple Prime.<\/p>\n\n\n\n
The acquisition gave Ripple an established bridge between traditional finance and digital asset markets rather than requiring the company to build an institutional prime brokerage operation entirely from scratch.<\/p>\n\n\n\n
Ripple has since worked to integrate its blockchain and digital asset infrastructure with the brokerage, including potential uses for its RLUSD stablecoin in certain institutional products.<\/p>\n\n\n\n
Shortly after completing the Hidden Road acquisition, Ripple Prime launched spot prime brokerage services for U.S. institutional customers in November 2025.<\/p>\n\n\n\n
That service enabled institutions to execute over-the-counter digital asset transactions through Ripple Prime.<\/p>\n\n\n\n
The addition complemented Hidden Road’s existing operations across traditional and cryptocurrency markets.<\/p>\n\n\n\n
Since then, Ripple Prime has continued expanding its institutional offerings, with Delta One adding another major traditional asset category to the platform.<\/p>\n\n\n\n
The strategy appears focused on creating a brokerage environment where institutions can access crypto and traditional financial products without managing completely separate relationships for each market.<\/p>\n\n\n\n
Expanding a prime brokerage business requires substantial capital, particularly when providing financing and margin services to institutional customers.<\/p>\n\n\n\n
Ripple Prime strengthened its financing capacity in May by securing a $200 million debt facility from funds managed by Neuberger Specialty Finance.<\/p>\n\n\n\n
The facility was designed to help the company meet growing institutional borrowing demand across crypto, equities, fixed income, and foreign exchange markets.<\/p>\n\n\n\n
Ripple said at the time that Ripple Prime’s revenue had tripled year over year since the Hidden Road acquisition.<\/p>\n\n\n\n
The financing arrangement could be drawn according to institutional demand and was intended to support margin services offered through the brokerage platform.<\/p>\n\n\n\n
Ripple Prime added another source of capital in August by completing a $275 million private placement of senior unsecured notes.<\/p>\n\n\n\n
The offering closed on Aug. 18 and was increased from its original size following institutional investor demand.<\/p>\n\n\n\n
The notes received a BBB investment-grade rating from KBRA, while Piper Sandler acted as the lead placement agent.<\/p>\n\n\n\n
Ripple said proceeds from the transaction would be used for working capital and other general corporate purposes within the regulated entity.<\/p>\n\n\n\n
That includes investment in technology and personnel supporting Ripple Prime’s growing brokerage operation.<\/p>\n\n\n\n
Together with the $200 million Neuberger facility, the private placement gives Ripple Prime additional financial resources as it expands its clearing, financing, and multi-asset prime brokerage services.<\/p>\n\n\n\n
Ripple Prime now provides services spanning digital assets, foreign exchange, precious metals, exchange-traded derivatives, OTC swaps, and fixed-income repo markets.<\/p>\n\n\n\n
According to Ripple, the platform clears more than $3 trillion annually across markets and serves over 300 institutional clients.<\/p>\n\n\n\n
Adding Delta One gives those customers another way to access market exposure without directly purchasing the underlying securities.<\/p>\n\n\n\n
The product may be particularly useful for hedge funds and asset managers that need flexible exposure, centralized collateral management, or the ability to manage positions across multiple asset classes through one counterparty.<\/p>\n\n\n\n
It also strengthens Ripple’s position beyond its traditional association with XRP and blockchain payments.<\/p>\n\n\n\n
Ripple’s acquisition of Hidden Road marked a significant change in the company’s institutional strategy.<\/p>\n\n\n\n
Rather than focusing exclusively on blockchain payments and digital assets, Ripple now controls a brokerage operation that connects crypto with established financial markets.<\/p>\n\n\n\n
Delta One strengthens that strategy by bringing U.S. equity derivatives into the same infrastructure used for digital assets, foreign exchange, fixed income, and other financial instruments.<\/p>\n\n\n\n
For institutional clients, the key attraction is not simply access to another derivative product. It is the ability to combine different exposures through a single prime brokerage relationship while potentially benefiting from cross-margining and centralized collateral management.<\/p>\n\n\n\n
Ripple Prime’s recent financing activity also suggests the company is preparing for further growth.<\/p>\n\n\n\n
With a $200 million debt facility, a $275 million senior note placement, more than $1 billion in regulatory net capital, and a brokerage platform that Ripple says clears more than $3 trillion annually, Ripple Prime is building the financial capacity needed to compete for larger institutional clients.<\/p>\n\n\n\n
The Delta One launch is the latest step in that expansion, bringing U.S. equities, indexes, and digital assets together within Ripple Prime’s increasingly broad institutional trading platform.<\/p>\n\n\n\n
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Ripple Prime has expanded deeper into traditional financial markets with the launch of its new Delta One business, giving institutional investors access to total return swaps linked to U.S.-listed equities, indexes, and digital assets. The service is designed for hedge funds, asset managers, and other financial institutions that want exposure to different markets without directly…<\/p>\n","protected":false},"author":3,"featured_media":16247,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63,70],"tags":[65,2331,482],"class_list":["post-16245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-finance","tag-crypto","tag-delta-one","tag-ripple"],"yoast_head":"\n