Ripple Prime has launched a new Delta One business for institutional investors, expanding its multi-asset prime brokerage platform into US equity derivatives. Announced on August 27, 2026, the service allows hedge funds, asset managers and other financial institutions to execute total return swaps linked to US listed equities, stock indexes and digital assets.
The move extends Ripple Prime beyond its existing services in foreign exchange, fixed income, derivatives and crypto. Clients can now manage supported traditional and digital asset exposures through a single counterparty relationship and cross-margin eligible positions across asset classes.
Key Takeaways
- Ripple Prime has launched a Delta One business offering total return swaps on US listed equities, indexes and digital assets.
- The service is aimed at hedge funds, asset managers and other institutional investors.
- Clients can cross-margin supported exposures across multiple asset classes through a single counterparty.
- Ripple Prime says the business has more than $1 billion in regulatory net capital.
- The launch follows Ripple’s $1.25 billion acquisition of Hidden Road in 2025 and further financing raised in 2026.
Ripple Prime Adds Total Return Swaps Across Equities and Crypto
The new Delta One service gives institutional clients economic exposure to an asset without requiring direct ownership of the underlying security. Total return swaps typically allow one party to receive the economic performance of an asset, including price changes and other returns, while making financing related payments to the counterparty.
Ripple Prime said the service will support swaps tied to US listed equities, major indexes and digital assets. That gives institutions a way to combine equity and crypto related exposure within the same brokerage relationship.
For hedge funds and asset managers operating across multiple markets, the structure can reduce the need to work with separate counterparties for traditional securities and digital assets.
Cross-Margining Is a Key Part of the Offering
One of the main features of the Delta One business is Ripple Prime’s cross-margining framework. Cross-margining allows eligible positions across different asset classes to be considered together when determining collateral requirements. That can reduce the amount of duplicated collateral institutions need to maintain across separate trading relationships, depending on the exposures and terms involved.
Ripple Prime said clients can access equities, foreign exchange, derivatives, fixed income and digital asset services through one counterparty, with cross-margining available across supported asset classes on a 24/7 basis.
Ripple Prime President Noel Kimmel described the launch as an extension of the platform the company has already built.
“Clients can now access equities, FX, derivatives, fixed income, and digital asset prime brokerage, clearing, and financing all through a single counterparty.”
The company also said the service uses what it describes as a conflict free execution model, with Ripple Prime focused on clearing and financing rather than operating a proprietary trading business alongside client activity.
Ripple Prime Launches With More Than $1 Billion in Regulatory Net Capital
Ripple Prime said its Delta One business enters the equity derivatives market with more than $1 billion in regulatory net capital. That capital base is important for a prime brokerage business because institutional clients rely on their counterparties for financing, margin capacity and clearing support.
Ripple Prime has also raised additional funding this year. Earlier in August, it closed an upsized $275 million private placement of senior unsecured notes to support further growth. That followed a $200 million debt facility from funds managed by Neuberger Specialty Finance earlier in 2026, which was intended to expand lending capacity for institutional clients.
Hidden Road Acquisition Built the Foundation for Ripple Prime
Ripple Prime was created after Ripple completed its $1.25 billion acquisition of Hidden Road in October 2025 and rebranded the business. The acquisition gave Ripple an established institutional brokerage operation spanning traditional and digital markets. Rather than building a prime brokerage platform from scratch, Ripple was able to add Hidden Road’s clearing, financing and institutional trading infrastructure to its broader business.
The Delta One launch pushes that strategy further by bringing US equity linked derivatives into the same platform as digital assets, foreign exchange, fixed income and other institutional products. This also changes the role of crypto within Ripple’s institutional business. Instead of operating as a standalone digital asset service, crypto exposure can sit alongside conventional financial instruments within a broader multi-asset prime brokerage relationship.
Conclusion
Ripple Prime’s Delta One launch marks another step in Ripple’s expansion beyond crypto native infrastructure and deeper into institutional traditional finance. The new service gives hedge funds, asset managers and other institutions access to total return swaps across US listed equities, indexes and digital assets while allowing eligible exposures to be managed under one counterparty and margin framework.
With more than $1 billion in regulatory net capital and additional financing raised in 2026, Ripple Prime is putting significant balance sheet resources behind its institutional brokerage expansion. The next test will be adoption. The value of the Delta One business will ultimately depend on whether institutional clients find meaningful benefits in combining equity derivatives and digital asset exposure through Ripple Prime rather than maintaining separate relationships across traditional and crypto markets.
