Ripple has expanded its institutional reach beyond cryptocurrency with the launch of Ripple Prime Delta One, a new business line that lets hedge funds, asset managers and other financial institutions trade total return swaps tied to U.S.-listed equities, indexes and digital assets. The service, announced Thursday, is already live and forms part of Ripple Prime’s multi-asset prime brokerage platform.
According to Ripple Prime President Noel Kimmel, the launch is “a natural extension of the platform we’ve built,” and addresses what institutional market participants are “asking for today.” The Delta One desk gives clients a single counterparty relationship across foreign exchange, fixed income, derivatives, equities and cryptocurrencies, with around-the-clock cross-margining to reduce separate collateral requirements.
Total return swaps allow investors to receive the economic performance of an asset without owning it directly, paying financing costs and absorbing losses in exchange. Ripple Prime said the product can be structured around different investment horizons, risk requirements and reporting needs.
The move deepens Ripple’s push into traditional finance after its $1.25 billion acquisition of Hidden Road, announced in April 2025 and completed in October 2025, which became Ripple Prime. The brokerage clears more than $3 trillion annually and serves more than 300 institutional customers. Ripple says the vehicle operates with more than $1 billion in regulatory net capital.
Ripple Prime has also expanded its financing stack this year. In May, it secured a $200 million debt facility from Neuberger Specialty Finance; in August, it closed an upsized $275 million private placement of senior unsecured notes, rated BBB by KBRA with Piper Sandler as lead placement agent. Earlier integrations included EDX Markets in May and Hyperliquid access in February, while spot prime brokerage for U.S. institutional digital asset clients launched in November 2025.
